A bankruptcy lawyer in Bangor, PA, can provide you with debt-relief solutions that will allow you to pay off your debts through a bankruptcy claim. This option allows you a few choices in how to settle your debts. You may liquidate your company assets or allow a judge to rearrange your debts in a manner that will allow you to pay your creditors over time. Your selected bankruptcy lawyer will assist in determining which option is most feasible for your case.
Liquidation of Your Assets
In bankruptcy, it is possible for you to halt all business operations to enable you to pay off debts. This form of bankruptcy allows you to sell off properties that you possess to acquire funds to pay off your debts. This allows you to protect specific business properties needed to operate your business and your home. Your selected bankruptcy lawyer will explain to you which assets you may exclude from your claim. You may also discover some debts that you are allowed to eliminate through a discharge.
Exclusions
Basically, the process requires that you provide your attorney with a list of your assets. He or she will review these assets to determine which are adequate for liquidation. Your attorney will explain to you any exemptions you have in terms of business or personal property. He or she will also discuss the probability of approval for your bankruptcy case with your creditors.
Reorganization
Individuals with exceedingly high amounts of debt may find a debt-relief solution by selecting bankruptcy options that allow for reorganization. Through this process, your attorney talks to your creditors to determine whether or not they will accept a lower settlement than the amount of the original debt. If they do accept, the settlement amount is included in the bankruptcy claim.
The Hearing
Your bankruptcy lawyer in Bangor, PA, will attend a hearing with you in which all your creditors may attend to discuss your debts. Your creditors must approve of the inclusion of the debts in the bankruptcy claim. Once all creditors are in approval the judge will initiate the bankruptcy. Visit Molnar Law Offices for more information.
