Bankruptcy is a legal proceeding that involves a person or business who is unable to make full payment on outstanding debts. Thus, filing for Bankruptcy in Indianapolis, IN offers an opportunity to begin anew. This is because it allows for the forgiving of debts that can’t be paid while giving your creditors a chance to obtain some form of repayment based on the assets available. Bankruptcy should not, however, be mistaken for insolvency. One is said to be in a state of insolvency when they cannot pay back debts on time and as a result, end up filing for bankruptcy. Thus, insolvency is a state while bankruptcy is a process.
The Role Of A Bankruptcy Lawyer
If you ever find yourself in such a predicament, it is best to seek legal advice and representation in court. The best kind of lawyer to handle this is a bankruptcy lawyer. He or she will explain the process of bankruptcy to you, ensuring that you understand all your options. They also provide guidance on what options to choose, especially when determining for what kind of bankruptcy you need to file. This is an essential aspect of the process because Chapter 13 Bankruptcy in Indianapolis, IN is different from Chapters 7 and 11. Your bankruptcy lawyer is also responsible for handling every phase of the bankruptcy process. Once the courts have finished deliberations, the lawyer then gives their insight and recommendations on how to rebuild credit and proceed with life after bankruptcy.
In bankruptcy, every case is unique and different from others. However, there are certain qualities that a Bankruptcy Lawyer in Indianapolis, IN possesses that enable him/ her to represent you effectively in court. These are:
1. Dedication to excellence
2. People skills e.g. Empathy
3. Must be up-to-date on code changes
4. Insurance: Bankruptcy lawyers are insured so that in case the lawyer errs in a way that compromises the client’s case, the client is liable for compensation.
Bankruptcy Advocates is comprised of a team of lawyers who are committed to helping you with your bankruptcy issues. With more than five decades worth of combined experience, a Bankruptcy Lawyer in Indianapolis, IN on their team will take on the hassle of ensuring that the debt you owe to your creditors does not destroy you.
