Insolvency Directory
Insolvency Directory
Bankruptcy basis
Bankruptcy is a legal procedure that an individual will follow when they have trapped in a huge debt of financial crisis. So when an individual files for bankruptcy they get an opportunity to refresh financially. It also helps the people who are in a situation that they can never pay back their debts to get a fresh start.
The only situation that one can claim for bankruptcy is when an individual cannot pay back all their debts since they fall due. If it is a first time bankrupt then they will generally receive their discharge one year after getting the Bankruptcy Order. In some cases there is a possibility of the discharge period to be less than one year.
Generally bankruptcy has a bad sign when it is publicly advertised but it should be considered in this way when dealing with ones insolvency cases. Kindly note that if you have ever faced with the problems of bankruptcy you should try to look for an alternative such as IVA (individual voluntary arrangement procedure).
Look bankruptcy as a way of dealing with the debts that cannot be paid. The proceedings of the bankruptcy are: one will be freed from the overflowing debts so that they can have a fresh start abiding to certain restriction. Your assets will be shared out reasonably among other creditors.
Anyone be it an individual or a business partnership. There is different insolvency techniques followed in dealing bankruptcy for companies or an individual.
One can be made bankrupt in one of the following ways:
- Voluntarily
- Involuntarily
- Supervisor
- Or bound by an IVA
If you refuse to accept and agree to the proceedings of the bankruptcy, the order can still be made even. So you have to collaborate fully once the Bankruptcy Procedures have begun. In case you disagree with the creditors claim then you have to try and settle certain things before the Bankruptcy Petition due date is heard. So trying to disagree after the bankruptcy order will be both expensive and difficult.
Below are some of the implications of bankruptcy.
One can lose control in their assets. Without the permission of the lender one will not be able to get credited for not more than £250. Company directory position will be lost. The person will not be allowed to take part in any promotion or management activities without the permission of the court. You have to inform all the persons who have involved in bankruptcy if you want to trade a business in some other names. They cannot practice as a lawyer or a charted accountant. They cannot be a JP (justice of peace), member of parliament, local authority, and there is a chance for that person to be publicly examined in the court.
Though there are many implications in the court there are certain advantages when you claim bankruptcy.
The one who have involved in bankruptcy will have peace of mind and some automatic discharge after one year from the date of bankruptcy notice. And for the creditors they will be fully investigated of the debtor’s dealings to be carried out.
About the Author
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Bankruptcy Information in New York should be easy to come by. After all, with so many Bankruptcy Lawyers in such a small area, you’d think there would be enough good stuff to keep you well-informed without much of a problem.
That’s what a recent client thought when she decided to file for bankruptcy without the benefit of an experienced New York bankruptcy lawyer. She figured she had a simple Chapter 7 case and didn’t need to go through the time or expense of finding an attorney to help her.
Relying on what she thought was solid bankruptcy information from a variety of websites claiming to know everything about New York exemptions and rules, she was off and running.
Unfortunately, she went running in the wrong direction. Her bankruptcy case went bad, and she came to me to help dig her out of the mess she’d made by looking to the wrong sites for her bankruptcy information.
The Truth Is Out There – But Difficult To Find
I had no idea how my client, this intelligent and otherwise well-reasoned consumer, could have been led astray in her quest for reliable bankruptcy information.
So I did the logical thing – I went to Google. And what I found shocked me.
Of the top search results, there was only one law firm (in the paid search area at the top) and the website for the New York Bankruptcy Court. Every other result – and I do mean every single one of the paid results as well as four out of the top five unpaid results – were for paid attorney referral sites.
Not lawyers. Not information sites. Referral sites.
Just Because A Bankruptcy Lawyer Pays For A Directory Listing Doesn’t Mean They’re No Good
Let’s be clear on one thing. There are many excellent bankruptcy lawyers who pay for directory placements. And I personally know many of the owners of these directories; they’re good people with strong business ethics. But these sites do not exist to provide bankruptcy information – to say they do would be like saying the Yellow Pages is a place to find recommendations. It’s just not true.
If You’re Looking For Dependable Bankruptcy Information In New York, Dig Deeper
It would be too obvious for me to tell you how wonderful this site is, and all about the wealth of information you’ll find here. So in spite of my strong desire to toot my own horn, I will not do so. But if you said how good the bankruptcy information is here for New York issues, I wouldn’t be upset.
There are other places to find solid bankruptcy information. They are as follows:
- Bankruptcy Law Network: 26 bankruptcy lawyers from around the country who get together and provide information – free of charge. Disclosure: I’m part of BLN)
- MoranLaw.net: Run by California Bankruptcy Attorney Cathy Moran, this site provides more bankruptcy information than I’ve ever seen in a single place by one person. It is an excellent resource not only for New York consumers, but also for budding bankruptcy lawyers.
- U.S. Trustee Program: This is the governmental entity that oversees Bankruptcy Filings in the United States, and their bankruptcy information is well done.
- Federal Trade Commission
- U.S. Bankruptcy Court, Southern District of New York
Self-Help Is No Help At All
Filing for bankruptcy may seem simple, and for many people it can be. But if you’re getting your bankruptcy information from a paralegal or someone who’s not an experienced bankruptcy attorney then you’re leaving it all up to chance. Do yourself a favor – even if you decide to go it alone, take the time to sit down with a real, live lawyer (either in person or on the phone) and get the information you need to make the right decision.
Now I’d like to invite you to get a free copy of my collection abuse book, The Consumer’s Guide To Ending Debt Collection Harassment, at http://www.newyorkconsumerlitigation.com/. This information-packed downloadable book will answer all of your questions about debt collection harassment and how to take control over your life.
Jay S. Fleischman has been a NY bankruptcy lawyer for 14 years, and currently serves as the New York State co-chairman for the National Association of Consumer Bankruptcy Attorneys.
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