For those unfortunate people who are forced to file for bankruptcy for the very first time in their life, the experience can be shameful and scary. There are many legal intricacies that are involved in bankruptcy and no doubt the whole process therefore becomes a daunting as well as confusing thing for a lay person. It takes time to understand what it involves and means as the very term of bankruptcy litigation is an alien term to many. This is why it is best to seek out the help of a litigation lawyer who can stand by your side and guide you through the entire process of all the legal paraphernalia associated with bankruptcy. It is impossible for a lay person to know everything that is involved in bankruptcy and it is only an experienced lawyer that can help a person who is neck deep in debt to get out of this unfortunate mess and start afresh. But though it is not possible to get a hang of everything that is involved in bankruptcy, you can get an idea as to what all it involves in a broader sense so that you can work more effectively with your lawyer.
In your time of need, an experienced lawyer will be able to help you out through their experience and skills. And if you have made that extra effort to gather knowledge and educate yourself, then you will be able to help the lawyer to help you in getting out of bankruptcy litigation with minimum of losses suffered. You can also monitor whether your lawyer is going in the right direction or not. Therefore learning about the specifics or the terms and conditions regarding bankruptcy laws will ultimately go in your favor though at this stressful time it might seem like a fruitless exercise. The first thing that you should know is that bankruptcy is an action which is generally initiated either by you or by the creditors. There are two types of litigation, contested and uncontested litigation. There are differences between the two as is obvious by the terms. It is upon the skills and negotiating powers of your lawyer and also your specific circumstances that will determine whether it will be a uncontested litigation or a contested one.
There are many cases of personal bankruptcy litigation which is seen to get concluded in an uncontested process and do not go through litigation at all. As mentioned before it all depends on your creditors and your particular circumstances, and there can be chances that your case might get contested. It can so happen that you might have to turn over available liquid funds for distribution to creditors immediately according to the motion for turnover. Then again a lender could seek to essentially overrule the impact of the automatic stay with a motion for relief from automatic stay. If you're filing for a chapter 13 bankruptcy a trustee could potentially file an objection to the payment plan. A lender may file an objection to a discharge with claims that a particular debt is not dischargeable. Between your attorney and the money lender or the trustee the majority of cases which does become contested, can be handled pretty smoothly, hence It is not a good idea to contest a bankruptcy. A conclusion can be reached by means of negotiation and compromise hopefully foregoing the need to actually pursue courtroom actions of depositions, written discovery, and hearings. The support of an knowledgeable bankruptcy lawyer can handle matters relating to this kind of litigation as well as effectively guide you through the complete process. Contested bankruptcies should they occur, the same lawyer can assist you to make the correct decisions at each step of the procedure.
No comments:
Post a Comment