Petitioning for financial insolvency sometimes is the only option a person might have given his inability to pay back his debt. Learning how to file bankruptcy can be a daunting task which is why most people hire an experienced attorney to file their petition which for many people is the best option. The whole bankruptcy process can be very complicated so most people would be wise to hire an experienced attorney.
People contemplating a petition for financial dissolution should take to heart that this is not the end of their world because many people have become wealthy after filing for financial insolvency. Many modern millionaires tout the fact that they rose from financial ruin with a determination to succeed and now enjoy great wealth despite their past financial failures. People whose petition for insolvency is approved should realize that they have been given another chance and should look not backward but forward to financial prosperity.
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People filing for financial insolvency can take heart that calls from creditors are required to stop. The court will actually warn creditors to stop calling and harassing petitioners once the petitioner has filed for court protection. If the calls persist the court will in some cases levy a fine against the creditor and in some cases prosecute the creditor who continues to harass the petitioner.
The petitioner can rely on his lawyer to guide him through the complex legal process which involves the proper submission of credit reports, asset reports, and other financial records. Most individuals file for chapter 7 dissolution which is in essence a wiping clean of the financial slate and all debts are discharged. Some business owners will file for chapter 13 which is in essence a repayment plan so that the business can remain open.
A business can continue to operate if a chapter 13 dissolution is petitioned if the company has the ability to pay back its creditors under a modified payment plan and if the company can show a reasonable level of profitability. The petitioner's attorney is responsible for showing the company's ability to remain profitable. The attorney will also be responsible to show that the company will be able to meet its new repayment obligations.
Most people in debt turn to an attorney to assist them with the filing process because most people have no idea how the legal process works. Some lawyers will charge a flat fee for their services while other attorneys charge an hourly fee. Lawyers must provide a work contract that is easy to understand to their client before any work can begin.
Petitioning for insolvency is a tough decision to make but there are instances when there simply is no other choice. Most individuals have no idea of how to file bankruptcy which is why for most individuals seeking court protection to hire a lawyer. The individual seeking court protection from creditors should not feel bad because bankruptcy is not the end of one's financial future but the beginning of one's financial future.
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