Bankruptcy is a situation where an person or a business institution find themselves in a big debt which cannot be able to pay with their money and therefore they petition a court of law to allow them sell a few of their properties and use the money to pay off some of the debts. A bankruptcy attorney is in charge of helping the person or company go through with their bankruptcy petition in court. The attorney is responsible for handling many issues that are connected to the case with the aim of helping the client to win the petition. There are roles functions that the attorney is supposed to carry out.
One function of the sacramento bankruptcy lawyer is to study the financial state of the company or the individual so as to establish the extent of debt they are in. This will help to establish whether the client is need of filing for the bankruptcy petition or if they can be able to agree with the creditors on how the debt can be paid without involving court cases. In the event that the debt is too big for the client to pay off any time soon, they can prepare a petition to ask the court to give the client time to liquefy their assets and use the money received to settle some of the debts. The debt settlement plan can be written by the attorney, and it may involve complete or partial debt settlement.
The second function of the bankruptcy attorney is to present the petition to a court of law. He or she can then attend the court proceedings and try to convince the judges on why it is important that the petition is accepted. They can present the supporting financial records of the client which indicates the level of debt and then use I them to argue the case. They can also keep a close eye on the progress of the case and add any other amendments to the evidence to make it even stronger. With the necessary evidence and arguments, the client can be allowed to sell their said assets and settle their debts as agreed.
After a successful bankruptcy petition, the bankruptcy lawyer sacramento remains with one function of guiding the client in their debt-repayment process. They can then help to acquire the necessary paperwork showing the debts have been paid in full or partially. They can then also help the client to plan on their future in terms of how to regain stability again in their businesses.