Stronley law has been adopted by most states, but some states continue to retain the old, more formal version of the law. Because many of the changes made were brought about by the federal government, it is important to know all the details of the law before filing for bankruptcy. Do you want to learn more? Visit Stroleny Law, P.A.. This way you know which changes you need to make to your bankruptcy and what you can expect in your new legal situation.
Bankruptcy attorneys use a great deal of evidence and research to find and present the facts of your case in the best possible way to get your bankruptcy dismissed. This requires that the lawyer has a thorough knowledge of the law, including any applicable amendments to the law that have taken place.
When you file a bankruptcy case against an unsecured debt, the court will first consider any debts that are secured by property. It will also look at all debts that are not secured by property. In many ways, this is the most complex part of the process, because the debtor’s property may already be in some type of liquidation, such as foreclosure, or in a liquidation process that was initiated by a lender. It may not be obvious from the start that a debtor owes such a large amount of money, since bankruptcy is viewed as a last resort to solve the financial problem.
Once a debtor is determined to owe more than he/she can afford, creditors will then try to convince a judge to allow a trustee to “recovery” the debt for them. This trustee will sell the debt for cash, making the creditor whole again. A “judicial” recovery, by the government, is just the sale of a debt in exchange for the payment to the government of taxes owed on it.
The trustee may also decide to foreclose on the property and recover some of the debt for the creditor. If the debtor does not pay, a liquidator will step in. A liquidator will act as a negotiator with the lender to sell the debt to a third party, and the trustee will use its profits to pay the debt. to satisfy the debt.
This process may take anywhere from a couple months to several years, depending on how complex the case is. A court will also review the trustee and the parties involved to ensure that they are following the law to the letter.