Banks Law

Laws on Filing for Bankruptcy

Bankruptcy is split into two separate categories – reorganization and liquidation. Not knowing which the best one for your particular circumstances is can lead to you losing your property. In addition, it should be noted that not all kinds of debt can be brushed aside through filing bankruptcy. It is therefore strongly recommended you hire a reputed law firm dealing with bankruptcy issues so you know what options are open to you with regards to bankruptcy laws, and which one would be in your best interest.

Laws on bankruptcy can be very confusing for some due to special requirements with regards to bankruptcy Chapter 7, Chapter 11, Chapter 12 and bankruptcy Chapter 13 among others. For this reason it is imperative to hire a professional bankruptcy attorney to assist you through the process.

Anyone contemplating filing bankruptcy should do their research first to better inform themselves about the various laws that were passed by the government. First of all, you need to determine if you are eligible to file for bankruptcy based on your individual circumstances. In addition, there are set requirements that need to be met in order to qualify.

For instance. Did you know that before filing for bankruptcy, you need to complete a credit counselling course within 6 months of the bankruptcy filing date? Once completed, you will be issued with a certificate that will empower you to file for a bankruptcy petition. There are a host of other requirements that you would need to be aware of or implement.

Having a bankruptcy lawyer or attorney by your side would be your best bet. They will be able to explain all the ins and outs of bankruptcy while assisting you to accurately complete the required paperwork to further your case.

If you are thinking of filing for bankruptcy, we suggest you complete our free online evaluation below, and an experienced bankruptcy attorney will get in touch with you to discuss your needs.

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