The Bankruptcy Attorney Office, also known as the bankruptcy court’s Office, provides services to people who are filing for bankruptcy. One of these services is debt collection. Mesa Bankruptcy Attorney Office has some nice tips on this. The debtor and his creditors come to an agreement where the debtor will pay the creditor a specified amount over a certain period of time in return for the promised discharge of the debts. In some states, the trustee may also act as the legal representative of the debtor. The Bankruptcy Attorney Office can give advice on which course of action is best for the debtor to take and can even negotiate with the creditors for the discharge of debts.
Another service that the Bankruptcy Attorney Office offers is to file for a chapter 7 bankruptcy. A chapter 7 bankruptcy is a petition that is filed by the debtor to the court requesting its discharge. Chapter 7 bankruptcy is a last resort; usually, people file this when all other means of debt resolution have been exhausted without results. Some people file chapter 7 bankruptcy because they do not have enough savings to repay their medical bills; others file chapter 7 bankruptcy because they lost their jobs; some file chapter 7 bankruptcy because they were unable to pay their taxes. The reasons for filing a chapter 7 bankruptcy vary from individual to individual and can include many different factors. For example, some people might find that they are too far in debt to be able to repay their unsecured debts within the allotted time frame, while others might find that they are unable to keep up with their monthly payments because of a disability or illness.
Whatever the reason may be, chapter 13 bankruptcy gives the debtor a liquidation of all assets that are owned or controlled by him and all proceeds shall be given to the debtor or his beneficiaries. The distribution of proceeds is usually dependent on each state’s laws and can take one of two forms: the court can divide the proceeds equally between the creditors can request the court to allocate the proceeds based on each creditor’s share of the remaining debts after the repayment of the balance due and the court will decide the distribution. An important condition of filing chapter 13 bankruptcy is that the trustee must certify that the distribution was done in accordance with the law. This certification must be made in writing and the court will require the trustee to file a verified statement indicating that the distribution was consistent with the state laws.