Bankruptcy can be a daunting word for many who are facing the prospect of the situation. Even going through the motions can be scary. There is also a social stigma attached to the world bankruptcy. From time immemorial money has been the measure of an individual’s success as well as social standing.
To declare bankruptcy is, hence, a matter of shame to many, with psychological impacts that run deep. Then there are also those scamsters who use bankruptcy to escape from their debts. But in general, most people who file for bankruptcy do so when there is no other way to get out of the financial mess. It takes time for a lay person to understand what all a bankruptcy involves.
There are many legal connotations that are involved with bankruptcy, thus to understand them all, the best course of action will be to consult a lawyer who is experienced in such kinds of litigation. An experienced lawyer will have the knowledge regarding all the rules attached to bankruptcy. He or she will help you accordingly to understand what the basic concept is. Also when you are faced with the prospect of declaring a bankruptcy, it is better to educate yourself regarding the different bankruptcy chapters so that you can make an informed choice along with the help of your lawyer.
Long Island Bankruptcy Law There can be contested and uncontested litigation but there is no need to get confused between these legal terms. The litigation is what you or your creditors initiate. Most of the personal bankruptcy litigation is seen to reach a conclusion in an uncontested process and do not go through litigation. But it is also a possibility that your case might be contested. It all depends on your creditors as well as your particular circumstances.
According to the motion for turnover, there can be a motion filed which demands that you turn over available liquid funds for distribution to creditors immediately. With a motion for relief from automatic stay, a lender could seek to essentially overrule the impact of the automatic stay. A trustee could potentially file an objection to the payment plan if you’re filing for a Chapter 13 bankruptcy.
With claims that a particular debt is not dischargeable, a lender may file an objection to a discharge. It is not a good idea to contest a bankruptcy. The majority of cases which do become contested can be handled pretty smoothly between your attorney and the money lender or the trustee. Via negotiation plus compromise, this is handled, hopefully foregoing the need to actually pursue courtroom actions of depositions, written discovery, and hearings.
The assistance of an experienced bankruptcy litigation lawyer who can handle matters relating to this kind of litigation will be enough to guide you through the entire process. In the case of contested bankruptcies should they occur, your lawyer would assist you to make the correct decisions at each step of the procedure.
It is also important to select the proper form of litigation that can help your situation the most. Together with chapter 7, 11, 12, 13 and so on, there is a variety of sort of bankruptcy as delineated in the exclusive divisions of the bankruptcy code. This is another area, where your experienced plus expert lawyer can help you out. He or she can guide you in the right direction, which will result in minimum damage for you, and will help you to get back on your feet in terms of finance. They will propose to you the best kind of bankruptcy, according to your particular set of problems, after researching the facts of your suit.
The authors of this article, Mr. Sarbasis Mondal have been successfully practicing law for the past two decades and have all-embracing knowledge regarding the subject of bankruptcy litigation. He has an impressive record of a win and is much sought after as a lawyer.
