|
Bankruptcy is a legal way of declaring the inability of an individual to repay his debts. It is one of the debt relief options that makes it possible for an individual to get rid of all the debts he has incurred. It has several options that an individual can choose from, depending on the case of a person. The most commonly preferred types of bankruptcy options are discussed as follows: Chapter 7 - This option is also referred to as 'liquidation of debts'. By choosing chapter 7 bankruptcy, a person gives up all his non-exempt properties and assets to a trustee who has been appointed by the court. This trustee is empowered with the responsibility to liquidate all the assets and fairly distribute them to the creditors. Most people go for this option. Chapter 13 - This bankruptcy chapter is perfect for all those people who have a steady source of income and have a way to pay off the debts sometime in near future. It is also known as 'reorganization of finances'. Through this bankruptcy option, a debtor needs to follow a plan of repaying all his debts within an approved time period of 3-5 years. You must make sure of a few things before employing a bankruptcy lawyer for your case. Here are a few tips that may help you in choosing the right person to handle: Qualification - An attorney must be qualified enough to take up a case. You should do a thorough check on the certifications of a lawyer before hiring him. Experience - Hiring an experienced attorney can be advantageous as he is the person who has spent a lot of time in the field of law. He ought to know the possible implications involved in a legal affair. He also holds good contacts with higher legal authorities. This could be an advantage to a client. Recommendations - Ask your friends and family for information on reputed lawyers around your area. This can be an effective way to find out people who are in this field since a very long time and have a good reputation of handling bankruptcy cases. Local bar association - You must contact your local bar association to find out if your lawyer has a valid license to take up cases in your area. This can ensure that the person you are dealing with is not a fraudulent person. Do a little research before choosing a bankruptcy lawyer. Louisville citizens can seek professional legal services from Spalding & Spalding Law Office. Bankruptcy Lawyer Louisville, KY - Wallace H. Spalding III, attorney at law will advise you about the protection available for your property with a bankruptcy proceeding in the area of Louisville, KY.
Related Articles -
bankruptcy louisville ky, spalding & spalding law office, spalding bankruptcy attorneys louisville, spaldingbankruptcyattorneyslouisville.com, www.spaldin,
| 
