Bankruptcy is a state of financial loss that cannot be recouped by an individual. The state of bankruptcy is decided by a federal court in places like Flint. A bankruptcy attorney is required to present your case.
Steps involved in Bankruptcy Cases
If you are planning to file for bankruptcy in Las Vegas, NV or any other place, then here are some common steps that are entailed within the process,
To make a claim to the government about your bankruptcy and to handle the court proceedings you will need a legal representative. This is when you need to approach a reliable bankruptcy lawyer in and around your region.
Once you approach the lawyer, he/she will take down all your details and will ask you to publish to him/her all the necessary papers. You will also have to negotiate the lawyer fee at this stage of the process.
After you have given all the required details and papers, the attorney will start further probing into the matter. He/she will put together all the legitimate proofs to make your bankruptcy claim stronger in the eyes of the court.
The next step would be to actually file for bankruptcy. Your lawyer takes care of this too. There will be a specific date and time that will be intimidated to you via a court statement, usually sent via direct post or through your attorney.
You and your attorney need to be in the court for the specified hearing session. Your lawyer will then put forth your claim and the supporting facts.
The court goes through all the points carefully and comes to the conclusion whether or not you are eligible to be declared as a bankrupt.
Once you get a bankruptcy state, your creditors need to be informed about it. Also, you will have to meet them up to answer their questions. This step can be done on your own. But it is always recommended to take the lawyer’s help in this
When you meet your creditors, you will have to explain individually or through your attorney about your financial state and assets. The creditors may or may not agree with your claims.
If the creditors have any contradictions to your statements, they can go to the court and file their end of the claims. This will result in another hearing at the court and it will be decided whether or not your bankruptcy state is valid.
You will have to consolidate your debts and bills properly once you are declared a bankrupt. Also you will have to chart your next steps. All this can be planned appropriately and executed well if you have the support of a good bankruptcy attorney.