In the world of United States law, bankruptcy attorneys are not uncommon. In fact, as these cases in America are increasingly growing and becoming commonplace, due to the deteriorating economy in the West, many are taking up the career path. Bankruptcy Attorney-Contant Law, P.C. is an excellent resource for this. A bankruptcy attorney is very qualified and deals with filings exclusively. It can be confidently argued that there is no shortage of such attorneys because these filings are growing.
The U.S. has one of the world’s most unique, sophisticated, and complicated systems. Beneath the U.S. The Constitution, persons and corporate organisations have the right and authority to file for bankruptcy and establish a plan to repay creditors for all their debts. The rules provide the necessary framework within which the debtor can deal with, sell and distribute the proceeds of his liquid assets to his creditors.
The U.S. Bankruptcy Court controls the process and has the final say in the process of bankruptcy over everything done. It has a specific power called automatic stay, in which immediate relief from pursuing creditors is given to the debtor, and the act also prevents increasing debts from incurring their respective interests automatically.
In general, a filing’s entire lifetime has four recognisable stages:
1) filing for bankruptcy
2) review of a plan for recovery
3) approval and implementation of the recovery plan, and
4) dismissal of the case involving bankruptcy.
There are also three types of filings, and their respective bankruptcy lawyers also have each of these. If you plan to file a lawsuit, for example, you would need to know what kind of filing your case falls under, and what kind of bankruptcy lawyer you can employ.
Chapter 11 bankruptcy lawyers work with big companies and businesses. A filing debtor may typically have a team of lawyers from one or two law firms: a primary team to take care of the overall case, and a secondary team to deal with the international elements of the filing. Yet both teams of lawyers are active in forming committees, representing the debtor’s interests, and drawing up a Chapter 11 Reorganization Plan to be approved by the bankruptcy court.
For small businesses and individual wage earners, Chapter 13 lawyers are more oriented towards bankruptcy filings. The attorneys are prepared to help the debtor file a restructuring plan, have it approved by the judge, and implement the plan, as with Chapter 11 bankruptcies.