A bankruptcy lawyer in Royal Palm Beach is a lawyer who focuses his attention on dealing with the legal facets that apply to bankruptcy and the bankruptcy procedure. The client can be an individual, a company or even a municipality. The bankruptcy lawyer has a number of duties including filing the petition, reviewing the client’s assets and liabilities and attending hearings in court. When it reaches a point where bankruptcy seems to be the only option left there are usually other problems connected to the financial situation, such as repossessions, home foreclosure, garnishment of wages, etc. A bankruptcy lawyer in Royal Palm Beach may represent clients in these proceedings as well.
The assets of the bankrupt must be properly liquidated and to ensure this happens, the lawyer works with a court appointed trustee. The proceeds from the liquidation of assets are paid to the creditors. In some cases the lawyer will work with the client and the court to work out an acceptable reorganization plan which will allow the bankrupt to pay off the debt over a period of time. There are many people who face bankruptcy but they have a lot of assets that they do not wish to lose, these individuals are better off declaring one of the available chapters that allows for debt reorganization, there are others that are better off filing for complete elimination of their debt, allowing them a fresh start.
From a personal bankruptcy point of view the two most common Chapters are 7 and 13. In the case of Chapter 7, assets such as vacation homes, second or third cars and family heirlooms will be liquidated to pay creditors but once the bankruptcy process is complete there is no repayment plan and no repayment is necessary. Under Chapter 213 however, these valuable assets can stay the property of the bankrupt but creditors must be paid in accordance with a plan submitted to and approved by the court.
When a business declares bankruptcy it too can declare Chapter 7 and simply cease to exist, however if the company is viable the bankruptcy lawyer in Royal Palm Beach may suggest Chapter 11. In this case the business can continue to function but it must repay the debts it owes in accordance with a plan for reorganization that was devised by the court.
No matter what Chapter is invoked, bankruptcy is a serious issue and must be studied to understand all the long term implications. A bankruptcy lawyer is the best to inform you of all the ramifications of declaring bankruptcy.
If it appears that the solution to your financial problems is to declare bankruptcy you will need professional advice. If you are looking for a bankruptcy lawyer in Royal Palm Beach you are invited to contact The Law Offices of Sean I. Koplow.