Often confused with insolvency, bankruptcy, as defined by an ordinary man is a penniless person. Bankruptcy is the state of a person who is capable of meeting his debts, just not in time.
A bankrupt person has assets in his name that is sufficient to pay off his debts. Not all, but a few. Bankruptcy is a state where a person who has gone bankrupt seeks excuse from a few of his debts.
A bankrupt person needs the best help of his partners and an eligible lawyer, like Allen Stewart, to help him with his creditors. There are various chapters under which bankruptcy can be filed and differs in the degrees depending on the state of the person.
Defining the underlying principles:
1. Chapter 7: The debtor here can liquidate his assets to pay off his debts.
2. Chapter 11: Applies to companies only. They restructure their financial obligations to clear their debts.
3. Chapter 13: Deals with debts of individuals. Here, the individuals restructure their debts to pay them off.
Thus, to gain more information on these contact your nearest Dallas Bankruptcy lawyer.
Why a bankruptcy lawyer?
Here is your answer to the requirement of a bankruptcy lawyer:
1. They have the knowledge and expertise to plan your case and file it.
2. They can estimate the value of your property, to pay off the remaining debts.
3. They provide a complete and accurate testimony on your behalf to further your case of bankruptcy.
4. Acting as the party on your behalf, they negotiate. The terms and the financial structure of your debts to be paid off needs to be negotiated.
Have you been worried about Bankruptcy in Dallas? Contact the best Bankruptcy lawyer in Dallas today!
To know more about Michigan Lemon Law please visit our website: allenstewart.com
0 comments:
Post a Comment