Bankruptcy is the section of federal law that allows persons in extreme amounts of debt to get a “fresh start” by reducing the amount of debt required to be paid as well as extending the time period in which it must be paid. The bankruptcy laws are popularly referred to by their chapter number which corresponds to the relevant chapter of the Bankruptcy Code. Bankruptcy attorneys practice two basic types of bankruptcy proceedings: liquidation under Chapter 7, and debtor rehabilitation involving a court-approved plan of reorganization and payment of the debts over a period of time using future earnings under Chapters 9, 11, 12 and 13.
Bankruptcy attorneys handle all aspects of bankruptcy law and provide legal methods for an individual or commercial enterprise/business to either wipe out debts by liquidating assets and distributing them among creditors or resolve them by developing a court-approved reorganization plan, or other plan involving the repayment of creditors over time.
Bankruptcy lawyers explain the primary purposes and applications of bankruptcy laws and how they function to relieve individuals and businesses from indebtedness and provide a fresh financial start. Title 11 of the United States Code (the bankruptcy code) regulates the bankruptcy proceedings, including what chapter under which a debtor may file, what bills can be eliminated, how long payments may be extended, what possessions can be kept, and all other details concerning the bankruptcy.
If you are a consumer or business facing foreclosure, lawsuits, liens, repossession or wage garnishment, an experienced Bankruptcy Lawyer can find the best option to help eliminate your debt. Use our attorney directory to locate a qualified Lead Counsel Bankruptcy Lawyer in your area who can help you today.
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