What does a bankruptcy lawyer do?

by | May 4, 2015 | Law

A bankruptcy lawyer is a legal professional that take their clients through the process of declaring bankruptcy. Bankruptcy law is complex, determining first off if bankruptcy is the best course of action and then determining which Chapter to file under can be difficult for a layperson. Although an individual is free to declare bankruptcy independent of any legal assistance or representation this is not recommended, a Las Vegas bankruptcy lawyer knows the laws and rules and can help a client identify the best course of action, making sure that all filings are correct and done on time.

When people reach a point where they can no longer manage their debt and they are desperate to get relief from the pressure of bill collectors then declaring bankruptcy can be an effective solution, however, the process is not easy. Bankruptcy law is complicated; various circumstances will have different filing requirements and processes and bankruptcy lawyers are fully aware of this. The lawyer is intimate with all the regulations that govern the declaration of bankruptcy. Often a Las Vegas bankruptcy lawyer is in a position to guide a client in such a way that that he or she may be able to retain more assets and protect their credit rating far better than if they were to attempt this without representation.

Bankruptcy is governed by Federal Code. The codes set out various restrictions on who can file and for what and what the applicant must do to satisfy the debt. The code includes clauses on how those who file must conduct themselves after the petition has been granted.

Regardless of what code is applicable, bankruptcy is a legal declaration of insolvency and is a matter which is handled by the courts. Bankruptcy lawyers represent their clients and the client’s interests during the hearing and works to see that the client gets the most favorable results under the circumstances. The lawyer gathers and presents all of the documentation that is required by the courts before they can rule with finality.

A very important role that the bankruptcy lawyer plays is to advise and guide the client and to assess which is the best way to structure the filing. There are a number of ways to file for bankruptcy; some ways will mean that the assets of the bankrupt are liquidated and the money used to pay off the debts while other ways will allow the bankrupt to prepare a plan for reorganization which allows the debts to be paid over a period of time. A bankruptcy lawyer is best suited to advise the client on which option is best for their situation.

If you are in financial difficulty filing for bankruptcy is something to consider. In the event you do you will be much better off by having a seasoned Las Vegas bankruptcy lawyer to guide and advise you. You are invited to contact the Law Offices of Hayes & Welsh.

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