A Chapter 7 attorney is a legal professional who has a specialty in bankruptcy cases. There are two basic types of financial crises that can be considered when a person is going bankrupt. These are chapters 13 and 7, although there are also other less popular kinds as well. There are several differences between the two and the entity or individual who wishes to file can ask a lawyer which one is more suitable. This form of filing is actually called straight or liquidation bankruptcy. This means that properties that are deemed suitable are liquidated to pay off the debts that the individual or the entity may have.
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The assets which are found to be non-exempt are brought into consideration for liquidation. Assets of the person or the entity are usually left alone and this could be beneficial since income and other assets may still be present. It is written that the debtor can retain some of his or her property such as a home or an automobile. Once the case has been filed, a trustee is set up to liquidate and collect part of the assets of the debtor and distribute these to those whom the debtor owes.
The Chapter 7 attorney is consulted when the individual or the entity that is considering filing is not fully aware of the differences between the different forms of filing. Once the lawyer has assessed the situation, he or she can recommend the right procedure for filing. If it is established that Chapter Seven is the right solution then the legal professional can proceed with the filing. Although, going to the court to file for bankruptcy sounds so easy, it is actually a complex procedure that specialized lawyers are best hired to handle. The individual or entity considering filing may benefit from this type if he or she is not involved with a business. The reason for this is that the business might be included in the liquidation process.
When the individual has financial trouble and has difficulty making payments for his or her loans and debts, a chapter 7 attorney can be consulted. The lawyer can properly assess if the individual needs to file or not as well as recommend which kind of bankruptcy type to file. The Chapter 7 attorney is needed when there are creditors hounding the debtor. The presence of the legal professional means that the situation will be resolved soon. If there is no other way out but to file, the lawyer will prepare the necessary documentations and forms to facilitate the filing.
The Chapter 7 attorney usually keeps his or her client updated regarding the state of the case. It is important that the case be filed as soon as possible to prevent those whom the debtor owes from making the first move and getting property or things that the debtor owns. The right assessment of the properties as well as the correct distribution is important. This will help ensure that the people who are owed get the right amount.
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