Bankruptcy Lawyer Protects Client Assets

Bankruptcy Lawyer Las VegasĀ is the best person to approach when one is filing for bankruptcy. Bankruptcy can be a devastating experience, but it is also a legal process initiated by an individual or company that cannot pay their debts on time and seeks the courts to re-arrange or discharge their debts. A Bankruptcy Lawyer helps the client understand all the implications and consequences of a bankruptcy filing and helps identify the alternatives available for repayment. The lawyer provides the necessary guidance throughout the bankruptcy process.

Most people are intimidated by the prospect of meeting with their Bankruptcy Lawyer for the first time. Fearing that they will disclose their financial situation to the attorney which may result in further legal action against them or may delay the proceedings, many people simply avoid the meetings. It is important to note that the vast majority of Bankruptcy Lawyers are skilled financial consultants. They are not expert financial planners. As such, their role is limited to helping debtors manage their resources during and after the filing of bankruptcy.

The primary purpose of a Bankruptcy Lawyer is to help a debtor discharge or restructure their debt in a manner that meets the needs of the debtor and their family. To this end, they seek several types of discharge: deficiency, reorganization, and income protection. In many cases, the debtor will be able to discharge their debts through these methods without court supervision. However, a bankruptcy court can order tampering of financial records to prevent the discharge of some debts. In cases such as these, an experienced Bankruptcy Attorney is needed to ensure the dismissal of the case. Attorneys who specialize in financial issues can restructure the debtor’s debt structure and ensure that the creditors are paid in full or more than what is owed.

Another goal of a Bankruptcy Lawyer is to protect the interests of the client and protect their assets in the bankruptcy case. An experienced attorney will always strive to obtain the best settlement for their client, which includes equitable distribution of any assets in dispute. For example, if the client has co-signed a mortgage agreement, the Bankruptcy Attorney may challenge the foreclosure or repossession if the deed of trust document is signed without having the full understanding of all the clauses in the agreement. Likewise, an experienced attorney will be familiar with all the rules and regulations governing the filing of a motion to dismiss. This is where most Bankruptcy Lawyers excels and will be able to ensure that the discharge is granted without further court action. Also, an attorney will know when to petition for a new trial, which is often required in the event that a defendant’s initial motion to dismiss is denied by a bankruptcy court.

After the filing of a petition, the Bankruptcy Attorney must then file a reply to the petition, which is filed with the court. The bankruptcy lawyer must make certain that their client’s answer is well-worded, fully documented, and submitted in a proper filing format. If the petition cannot be filed with the court on time, the Bankruptcy Attorney may request that a temporary restraining order is filed, which is referred to as a writ of prohibition. This order prohibits the debtor from initiating or making any contact with the person or agency initiating or supporting the petition. This can prevent any attempts at recovery and puts the person against using any assets or money to recover from the creditors.

After all of the necessary paperwork and filings have been made, the bankruptcy lawyer will file the court’s bankruptcy petition. It is important always to read what is included in this filing and ask any questions regarding what is not contained therein. If there are things that the client does not understand or are unclear about, their advice and representation should be sought from another professional attorney. If their first suggestion is to file the bankruptcy petition independently, they should at least consult with someone who has experience in such filings.