on November 23, 2012 by Katy Dinardi in Finance, Comments (0)
Few things can be more stressful than facing complete financial ruin, yet many people are in that position. What with unpredictable international financial markets and currency fluctuation nobody can be sure about what will happen to their money. This type of situation should never be faced alone. The best thing to do is to instantly hire a Salinas bankruptcy attorney to provide advice and assistance.
Regardless of the circumstances leading to an application for insolvency, applicants should not think that their interests are served by the courts. The main concern is the interests of the creditors and the applicant will most certainly suffer considerable long term damages. Thinking that insolvency is a solution for financial problems is therefore way out of line.
Once an application is approved by the relevant court, things normally happen rather fast. A trustee is appointed and in the case of business applications, the business is normally closed immediately. Employees lose their work and all assets are frozen or confiscated. These may be sold on auction to defray debts. The trustee will try to conclude matters as quick as possible.
In the case of business applications the trustee has wide powers to make decisions. He may decide to sell the firm as a going concern. He may also decide to keep the doors open if he thinks that such a step is in the interest of the creditors. In such cases the applicant may even be retained but all income will be placed in the care of the trustee. He may even close down the business and sell the assets on auction.
The trustee will require the full cooperation of the applicant. Documents and records will have to be made available and no aspect of the financial past of the applicant will be overlooked. It is no use to try and hide anything or to lie. In such cases charges will be laid and the consequences can be very bad indeed. It is best to follow the advice of a bankruptcy lawyer in Monterey.
Applicants should not attempt insolvency cases without experienced legal assistance from a Monterey bankruptcy attorney. A lawyer can do much to relive the pressure upon the applicant. In addition, they can smooth the process and it is often possible to avoid insolvency by reaching agreements with the creditors. The courts are also often in favor of expediting matters through private agreements.
It is not a good idea to apply for insolvency in isolation. A Salinas bankruptcy attorney can do much to help applicant to comply with all the various conditions that are part of the process. In many cases they can help salvage at least something. Most importantly, the very stressful nature of these proceedings can be alleviated by a knowledgeable and helpful lawyer.
Get details about the reasons why you should consult a Salinas bankruptcy attorney and more information about an experienced Monterey bankruptcy attorney, now.
Tags: bankruptcy lawyer in Monterey, Finance, Monterey bankruptcy attorney, Salinas bankruptcy attorney