Best Bankruptcy Lawyers
The best bankruptcy lawyers in the United States,
according to peers surveyed and online voting, are listed in The
Best Lawyers Network.
Bankruptcy law involves the resolution of debt
by dividing assets among the creditors owed by the debtor. A bankruptcy
lawyer is responsible for the formulation of a plan that
allows these transactions to be carried out. Creditors are treated
equally during the division of a debtor’s assets. One of the
main purposes of bankruptcy law is to release the debtor from previous
financial obligations while attempting to satisfy the creditors
with the debtor’s remaining assets.
Not all bankruptcy proceedings are the same. In the United States
there are two basic types; Chapter 7 and Chapters 11, 12 and 13.
If a bankruptcy is filed under Chapter 7 it is known as liquidation.
In liquidation a trustee is appointed to collect debtor’s
property and sell it. The money from the sale of the property is
given to the creditors. Chapter 7 is the most common type of bankruptcy.
A bankruptcy proceeding filed under Chapters 11, 12 or 13 involves
the debtor using future income to settle financial obligations.
Like Chapter 7 a trustee is appointed to oversee all assets of the
debtor.
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