What Are Your Options In Filing Bankruptcy?
The new bankruptcy law has made bankruptcy filing difficult. Moreover, the differences in the bankruptcy laws from state to state need the professional attention of experts. Hiring or retaining the services of a business bankruptcy law firm whose bankruptcy attorney can guide the company through the process has become important. The bankruptcy attorney retained must have necessary expertise and ability to focus on proper representation of the debtor in all respect of the cases, receiverships, consensual restructure, and loan agreements. Failing to represent properly may get your petition dismissed, which could cause you more problems. Bankruptcy only has a nationwide network of lawyers who offer exclusive bankruptcy and debt relief related services, which can make your filing for bankruptcy process more convenient and uncomplicated through bankruptcy advice.
Everyone filing for bankruptcy must pass a Chapter 7 Bankruptcy Means Test. A means test is a test based on whether your net income is above or below the median income of the State you live in. This takes into consideration calculations of your expenses as exempted by the state and your income to determine whether you qualify to file a Chapter 7 or if you must convert to file a Chapter 13 bankruptcy.
There are many other changes in the new bankruptcy law, which would pose an obstacle for a successful filing of a personal bankruptcy. Retaining an attorney to help you go through the bankruptcy process insures the proper paperwork and your documentation is in order and correct.
Chapter 11 bankruptcy permits reorganization under the bankruptcy laws. It is available to businesses whether a corporation or sole proprietorship and to individuals but is most commonly used by corporations. The business bankruptcy plan drawn up by your attorney sums up how the business will adjust reorganization to repay creditors in part or full, while giving protection from creditors.
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