How To Get Debt Relief Attorney Indianapolis?
Posted: Feb 28, 2014
When is the debt relief needed?
It is highly important to contact the right attorney at the right time. The right kind of attorney if selected at the right time can actually help you get debt free.
When a person is having a business which is running under a loss, he is unable to pay off his creditors as promised. If these levels of losses run for a long time, then he is said to be in a state of bankruptcy. This is something which has to be taken seriously by the person. If he cannot find debt relief aid immediately, he will lose all his assets to the creditors. This is more so when the business is a sole proprietorship where the personal assets of the person are also at stake. It is during this time that the person will need the debt relief attorney Indianapolis.
What does the attorney do?
The main function of the lawyer is to apply for a bankruptcy plea in the federal court of law on behalf of the client. There are many benefits of hiring this professional. The first benefit is that he will know all the legal procedures to apply for the bankruptcy and guide the client accordingly. This is something which all the clients of this case need, legal guidance. On the other hand, he will put forward all the facts and figures which the person has to know so that he does not have any false expectations in him. He will tell what the person can expect from the case and what the chances of winning are. The lawyer will also help in the process of arranging for the bankruptcy plea which involves the formulation of a business plan to save the client. This is needed to guarantee the court that the person will be able to repay the creditors.
What happens when the plea is made?
When the person applies through the debt relief attorney Indianapolis, the court will consider will first give a stay order on the auction of the assets of the business as well as the personal property of the applicant. This is the first step to any claim. On the other hand, the court will look into the business proposal which the applicant has as a backup plan. The feasibility of the same is verified and a certain amount of time is given to the applicant to repay them. If the proposal is not good, then the client will lose the case and all that he has in the business. In simple, he will lose a chance to re-establish himself financially.
This article is written by James Stew. With the experience he felt the need to educate the people about legal matters, what better could he find than writings. He puts in regular information about chapter 7 attorney Indianapolis and bankruptcy lawyer Indianapolis.