What is a Bankruptcy Lawyer?

A bankruptcy lawyer specializes in the various legal facets of the bankruptcy procedure. The client can be an individual, a business, or even a municipality. The duties of a bankruptcy lawyer include filing a petition declaring bankruptcy, writing reports, reviewing the client's assets, and attending hearings. Typically, when a client files for bankruptcy, he or she also faces additional legal issues connected to their financial situation, such as home foreclosures, liens, repossessions, creditor lawsuits, and garnishment of wages. Consequently, many bankruptcy lawyers represent their clients through the bankruptcy proceedings as well as for the issues that are connected to it. A bankruptcy lawyer works with a trustee to ensure that a client's assets are properly liquidated and then sees that the creditors are paid with those assets. Or, the lawyer may work with the Court to create a plan of reorganization and creditor payment. In many cases, a good bankruptcy lawyer can help a client ... more

A Bankruptcy Lawyer is one who deals with all issues arising from the inability of an individual or company to meet its financial obligations. The individual or the company then has to take the assistance of a Bankruptcy Lawyer to present its case before a court. Kinds of cases There are two common kinds of bankruptcies that Bankruptcy Lawyers handle. The first is Chapter 7 bankruptcy, commonly referred to as liquidation bankruptcy. Under this bankruptcy, all assets owned by a debtor other than those that are exempt from liquidation under the law are put up for sale. The sale proceeds are then distributed to creditors. The second kind of bankruptcy is known as Chapter 13 bankruptcy. This bankruptcy is aimed to help a debtor draw up a viable plan to repay the debts. It can be used by a debtor to save foreclosure of house or eliminate part of IRS debt. The best way to handle a bankruptcy situation is to hire a Bankruptcy Lawyer. The Lawyer, after studying different aspects of the situati ... more