Financial hardships are accompanied by pressures that might require you to declare bankruptcy. Large amounts of debts that you can't pay, loss of employment, falling behind on a mortgage, and being harassed by bill collectors are among the common reasons for filing bankruptcy. You can also file for bankruptcy in the event of marital problems that affect finances or large medical expenses.
Bankruptcy is a precarious position that can cause confusion and further financial damage if not handled appropriately. Acquiring the services of a bankruptcy attorney in Tempe, Arizona, or Albuquerque, New Mexico will help you understand when it is time to file for bankruptcy and that you're filing for the right category of bankruptcy.
A bankruptcy attorney is responsible for determining the correct category of bankruptcy. Commercial bankruptcy concerns businesses and protects your commercial investments from creditors. An expert bankruptcy lawyer will successfully file for additional time to clear loans or restructure your business. Consumer bankruptcy involves individuals and will protect your interests, as well as those of a spouse, when applicable. A skilled bankruptcy lawyer can settle new payment plans with concerned creditors or bill collectors to relieve any financial pressure you might be enduring.
A bankruptcy lawyer will also advise you to file for voluntary bankruptcy to acquire relief from bill collectors as soon as it is necessary. Although rare, an involuntary bankruptcy is initiated by creditors who wish to recover their payments by which time you might have incurred additional financial losses.
The declaration of bankruptcy involves several essential steps. An evaluation of your financial records, including bank statements, is a prerequisite to establish the correct financial position and offer possible alternatives to bankruptcy and implications. The court will require access to personal financial records, such as bank statements, incomes, debts, and assets. Concealment of assets or revelation of previous fraud can harm your case, which is why you need an expert bankruptcy attorney to ensure that all court documents are presented appropriately. An experienced bankruptcy lawyer can complete your case without your presence in court.
If you are considering bankruptcy or have received a court order for bankruptcy, contact our attorney, Sean Thomas. He is a certified and experienced bankruptcy lawyer. We have offices in Albuquerque, New Mexico, and Tempe, Arizona. Schedule a consultation today to learn more.