A bankruptcy lawyer’s job does not start and finish with the filing of bankruptcy papers. It involves much more. In this article, New York based corporate lawyer Hartley Bernstein explains what a bankruptcy lawyer really do.
What is Bankruptcy?
Many people know intuitively what bankruptcy is but law does not have intuition. It needs a concrete definition. The job of a bankruptcy lawyer starts with an explanation of bankruptcy. The lawyer helps the client know what bankruptcy means legally, what other options are available, and if it is a right decision to declare yourself bankrupt when debt settlement may be more beneficial.
What is Your Bankruptcy Type?
Law differentiates between bankruptcies. Broadly speaking, there was two ways to go bankrupt: (a) chapter 7 type bankruptcy and (b) chapter 13 type bankruptcy. Either can be more beneficial to you, depending on your specific situation. It is the job of your lawyer to explain the difference between these types.
In chapter 7 bankruptcy, you agree to your assets being sold. The proceeds from the auction are divided among creditors. The entire process takes a few months and personal assets are usually protected.
In chapter 13 bankruptcy, you agree to make a monthly payment to creditors for between three and five years. The debts are settled at the end of this term. This type is beneficial for those, who can count on a steady income.
What is the Bankruptcy Process?
It is part of the job of a bankruptcy lawyer to explain to you every phase of the bankruptcy process: (a) It starts with an application. (b) Meetings between creditors and trustees come next, (c) followed by an agreement on the details of bankruptcy.
What Happens after Bankruptcy?
An attorney’s job does not finish after the declaration of bankruptcy. The lawyer can offer advice and recommendations on how to rebuild credit and established a new business.
A bankruptcy lawyers explains you what bankruptcy is, what its types are, what the process is, and guides you on how to rebuild your life after bankruptcy.
About Hartley Bernstein: Hartley Bernstein is a corporate and securities attorney and civil litigator with a specialty in business transactions and civil litigation.
What is Bankruptcy?
Many people know intuitively what bankruptcy is but law does not have intuition. It needs a concrete definition. The job of a bankruptcy lawyer starts with an explanation of bankruptcy. The lawyer helps the client know what bankruptcy means legally, what other options are available, and if it is a right decision to declare yourself bankrupt when debt settlement may be more beneficial.
What is Your Bankruptcy Type?
Law differentiates between bankruptcies. Broadly speaking, there was two ways to go bankrupt: (a) chapter 7 type bankruptcy and (b) chapter 13 type bankruptcy. Either can be more beneficial to you, depending on your specific situation. It is the job of your lawyer to explain the difference between these types.
In chapter 7 bankruptcy, you agree to your assets being sold. The proceeds from the auction are divided among creditors. The entire process takes a few months and personal assets are usually protected.
In chapter 13 bankruptcy, you agree to make a monthly payment to creditors for between three and five years. The debts are settled at the end of this term. This type is beneficial for those, who can count on a steady income.
What is the Bankruptcy Process?
It is part of the job of a bankruptcy lawyer to explain to you every phase of the bankruptcy process: (a) It starts with an application. (b) Meetings between creditors and trustees come next, (c) followed by an agreement on the details of bankruptcy.
What Happens after Bankruptcy?
An attorney’s job does not finish after the declaration of bankruptcy. The lawyer can offer advice and recommendations on how to rebuild credit and established a new business.
A bankruptcy lawyers explains you what bankruptcy is, what its types are, what the process is, and guides you on how to rebuild your life after bankruptcy.
About Hartley Bernstein: Hartley Bernstein is a corporate and securities attorney and civil litigator with a specialty in business transactions and civil litigation.
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