When an individual or an organization fails to repay his/her/its debt due to financial impairment and declares it officially, it is known as bankruptcy. It is often seen that the creditors file a petition for bankruptcy against an individual debtor or corporate debtor with the objective of at least recovering sum portion of their debt or to initiate a restructuring. Usually the petition for bankruptcy is filed by the debtors. If a bankruptcy petition is filed by a debtor it is known as a voluntary bankruptcy petition. A voluntary bankruptcy petition is generally filed by organizations or individuals that have become insolvent. Generally a person who is not engaged in a business or own a business doesn’t file for a bankruptcy petition. These petitions are planned like a remedial measure for the convenience of creditors.

Some years ago the laws of bankruptcy were very harsh especially in case of debtors. The creditor was given the right to seize all of the debtor’s belonging if the debtor was unable to repay their debt. There were also chances of imprisoning the debtor in such case. If the debtor’s family wanted to get the debtor out of the prison they had to repay his whole debt or the remaining dues. As time went on the laws for bankruptcy changed and compassion was shown towards the debtor. For a long time filing for bankruptcy was taken as a remedial measure for the benefit of creditors. However in modern times things have changed a lot and the laws for bankruptcy have further become all the more lenient and compassionate towards debtor.

If you are unfortunately you are going through a rough time and having thought to file a petition for bankruptcy then contact a Bankruptcy Lawyer or a Bankruptcy Attorney. A Bankruptcy Attorney or a Bankruptcy Lawyer has the expertise in all kinds of legal aspects as to the procedure to file for bankruptcy like how to file a petition for bankruptcy, how to declare bankrupt, how to review the assets, how to write reports, attend hearings etc. Apart from this whole procedure the client also has to face a series of legal issues when they are filing a petition for bankruptcy like repossessions, creditor lawsuits, home foreclosures, wages or salary garnishment and many more. Apart from helping out with filing bankruptcy petition the importance of a bankruptcy lawyer cannot be undermined in various law issues of such kind.

The bankruptcy attorney works along with a trustee to ensure that the assets of the client are properly liquidated. The lawyer also sees that the whole process of paying up the debt is done efficiently with the limited money available to pay creditors. They also work along with the court in generating a plan that eases out the reorganizing in disbursing payment to creditors. With the help of the expertise of bankruptcy lawyers one can also prevent foreclosure of their house along with stopping repossession of their assets like cars etc or avoid garnishment of wages or salary.

Author Bio: http://theportlandbankruptcyattorney.com helps people find a local portland bankruptcy attorney. It\’s not always easy going through bankruptcy, so it\’s important you find a good portland bankruptcy lawyer that can help you through the process.

Category: Legal
Keywords: portland bankruptcy attorney, portland bankruptcy lawyer