What to expect from a bankruptcy attorney
There are many aspects of the legal profession; some attorneys turn their professional focus on criminal law while others focus on corporate law. A Salt Lake City bankruptcy attorney is one that focuses on the bankruptcy procedures. In many cases the attorney’s client is an individual but the attorney can also be called upon to represent a company or even a municipality. The attorney performs a number of tasks on behalf of the client which include filing the bankruptcy petition, preparing reports for the court and the administrator, performing a review of the client’s assets and debts and attending hearings with creditors. When someone files for bankruptcy the attorney may also be involved with other legal matters such as repossessions, foreclosure, wage garnishments, etc.
A Salt Lake City bankruptcy attorney works closely with a court appointed trustee to ensure that the assets of the client are disposed of properly and that the proceeds of the liquidation are distributed among the creditors. In the event of Chapter 13 bankruptcy the attorney helps the client develop a reorganization plan which is acceptable to the court and the creditors.
A bankruptcy attorney is by far the most knowledgeable source of information of the bankruptcy process. Although there are a number of ways to declare bankruptcy the greatest majority of individuals and small companies file for Chapter 7 while individuals and companies that wish to reorganize can file Chapter 9, 11, 12 and 13 which Chapter 13 being used by individuals.
An individual who is considering bankruptcy will be directed to either Chapter 7 or Chapter 13. The Salt Lake bankruptcy attorney can provide the client with direction, highlighting the differences as well as the pros and cons of both. In Chapter 7 all assets must be declared and liquidated but there is no need for a reorganization plan so the process is over quickly. If it appears that Chapter 13 is the better way to go then the process is longer, has to be done under a court approved plan but when the process is complete the bankrupt will still have all his or her property.
Although Chapters 7 and 13 will take up the bulk of the attorney’s time, he or she will also have business clients. In many cases the business wants to keep trading, the Salt Lake City bankruptcy attorney will advise the client to file Chapter 11 which, similar to Chapter 13, must be done under a reorganization plan which sees that the creditors are repaid.