Bankruptcy or Insolvency Processes that are used to address the financial distress of a business be it through reorganisation, rehabilitation or liquidation. Types of legal services provided in bankruptcy cases
Debt Discharge
With the help of a lawyer, you can file for Chapter 7 bankruptcy to get rid of certain debts. They also prepare and file the appropriate paperwork, make sure that all documentation is submitted to prove required information and represent you in court hearings. They also help determine which debts are dischargeable and ensure you have the support for dealing with any doubts from your creditors or bankruptcy trustee.
Repayment Plans
A lawyer considers your financial circumstances and helps you create, then proposes a repayment plan in Chapter 13 bankruptcy. They work with your creditors to secure their support of the plan, help you prepare and file your plan in court, and present you at hearings to see that a plan is confirmed by the bankruptcy judge they know how to navigate successfully.
Asset Liquidation
Asset liquidation is carried out lawfully and equitably under the direction of a lawyer. These professionals will help you identify which assets are exempt from liquidation, provide guidance for selling non-exempt assets and assist with distribution of the proceeds to creditors as per legal priorities. They also address any litigation or problems that may occur during the dissolving process.
Negotiating Settlements
A lawyer has the required skill and understanding when it comes to negotiating settlements with creditors that would be favourable to you. They negotiate debt terms, balances owed or repayment plans outside of a courtroom. They make sure that any settlement is legal and will look out for your best interests.
Going to Trial
If a trial is required, then lawyers will appear in court on your behalf to present evidence and legal arguments. They represent you in front of a bankruptcy judge; will handle any disputes regarding debt discharges or asset liquidation, and make sure that the trial runs smoothly.
Proof of Insolvency
The lawyer will help prepare the documents and information that shows insolvency, such as proof of income, expenses related to these finances and any debt. They assist in the compilation of your financial statements, and other supporting documents that you require for presenting to Court so as to convince them about failing short on serving certain monetary obligations.
Debts and Liabilities
A lawyer will help organise the accumulation of all past debts so that you can ensure strict obligations are paid, and unwanted liabilities are challenged. They help ensure that you will accurately list all debts in the bankruptcy and guide you on what to do with those debts both during and before they go through discharge.
Assets and Exemptions
A lawyer will be able to determine good assets and which are protected from liquidation under the bankruptcy laws. They help in including the non-exempt properties on your behalf and aiding you at how to manage them throughout bankruptcy considering that they follow all connected laws.