Filing for bankruptcy is essential when going through financial difficulties as an individual or company. You can hire a Las Vegas Bankruptcy lawyer, who will ensure the process is successful. There are different stages of filing for bankruptcy, which we will look at in this article.
How can a bankruptcy lawyer help me?
To fully understand the role of an assistant in the debt relief process, you need to understand what parts the bankruptcy procedure consists of.
The bankruptcy mechanism includes:
- specialist advice;
- collection of documents;
- filing an insolvency petition;
- filing an application;
- deciding on declaring a citizen bankrupt;
- issuance of a ruling on the completion of the bankruptcy procedure and release from obligations.
Qualified legal assistance is required in the first four stages of the procedure. Let us dwell on the role of a lawyer in each of them.
Consultation of a specialist.
A positive outcome, that is, the long-awaited cancellation of debts is possible only with a competent and professional assessment of the nuances of the debtor’s situation. Before sending you to collect the necessary information and prepare an application for filing, a specialist needs to assess the financial situation, the causes of debt, a combination of factors that prevent the debtor from fulfilling obligations, the presence of circumstances that may indicate the borrower’s bad faith, and much more.
Clients often do not understand that, for example, the sale of an old car and the purchase of tours when there was already the first delay on a loan can adversely affect the court’s position when considering a case.
Collection of documents
The legislator took a very responsible attitude to declare an individual insolvent, which is manifested, among other things, in a detailed and extensive list of annexes to the application. Some of the documents needed include:
- evidence confirming the existence of the debt, the reason for its occurrence, and the inability of the debtor to satisfy the claims of creditors in full;
- information about the state of the individual personal account of the insured person;
- copies of documents confirming the ownership of property and documents certifying the exclusive rights to the results of the intellectual activity of a citizen (if any) and others.
A bankruptcy lawyer is needed to understand that the evidence that confirms the existence of a debt, the basis for its occurrence includes both a loan agreement and a certificate from the bank on the amount of debt, and a request for early repayment of the loan amount sent to you by mail in connection with non-payment, and in the absence of such, suggest where and how to obtain this information.
Drawing up an insolvency petition
A correctly drafted bankruptcy petition is the key to successful debt relief during the bankruptcy of an individual. It must describe your financial situation convincingly and state the reasons why you could not fulfill your obligations to creditors. After consultation, a competent specialist will be able to state the situation in writing concisely and without unnecessary details, competently focusing on the facts that are of particular importance for the case.
Applying to the court
A bankruptcy lawyer will help you correctly determine which court you need to file with, how, where, and in what amount to pay the state fee, check the completeness of the documents, and provide technical assistance at the initial stage.
So, many do not know that the fee for filing an application for insolvency (bankruptcy) is paid to the tax authority at the place of residence of a citizen, that its size does not depend on the amount of debt to creditors, and that if the state fee is not paid correctly, its return will take a long time.
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