People who find themselves in dire financial situations may be in need of a Harrisburg bankruptcy attorney. A Harrisburg bankruptcy attorney can help guide you through the process of filing for bankruptcy. If you’re asking, What is bankruptcy?, here’s an explanation and how a Harrisburg bankruptcy attorney can help you. The first thing to know is that this type of legal representation is vital. Bankruptcy is often a complex matter that must be handled with expert advice and a plan of action.
The most popular method of bankruptcy is liquidation, which consists of selling all of a person,s property. A typical transaction for a person declaring bankruptcy would be to sell a house or other property, receive cash for the property, use the cash to pay debts, then pay off the remainder of the debt over a certain amount of years. A highly experienced bankruptcy attorney can help you make this method work. Choosing a reputable bankruptcy attorney is crucial. A good attorney should work to gather all of the appropriate information about your debt and assets to properly represent you. This includes documenting the debt and any other assets that may relate to it. This paperwork should be collected and filed with the proper agencies after bankruptcy has been declared.
Once all of the appropriate paperwork is gathered, it is the duty of the bankruptcy attorney to discuss the matter with the trustee or lenders to determine what course of action is in the best interest of the debtor. Although many people may not appreciate the fact that lenders will be negotiating with their past clients, it is a part of the process. The lawyer will negotiate a payment plan that will be agreeable to both parties. When hiring a bankruptcy attorney, it is important that the client thoroughly researches potential attorneys before hiring one. This includes finding out whether they have experience dealing with the type of bankruptcy case that the individual is filing. They should also check with the state Bar Association to see if any complaints have been lodged against the attorney. It is important to feel comfortable with the entire process because once filed, it becomes an issue for the rest of the person,s life.
After the preliminary paperwork has been filed and the bankruptcy attorney has met with the creditors, the actual bankruptcy petition will be filed in the court of the county where the debtor resides. This legal process involves the collection of various financial records from the person,s various creditors. These records will then be presented to the judge who will decide the fate of the case. Once the person declares bankruptcy, there is a short period during which time the credit report will not reflect any liabilities. However, the financial institutions may still be contacted to verify that the declaration is true. Also, after a while, the credit report will reflect that the individual has been declared bankrupt. It is important for the person to continue to manage their money properly after declaring bankruptcy to prevent future financial difficulties.