How a Bankruptcy Attorney Vancouver WA Can Prevent Permanent Fiscal Catastrophe
Few things in life are as devastating as total financial collapse. In the past, those unable to honor their financial responsibilities could be jailed. Today, it is possible to apply for insolvency, a court driven process that can allow individuals to start a new financial life. The rights of creditors are still the main priority, however, and those who simply cannot cope any longer will be well advised to obtain the services of a bankruptcy attorney Vancouver WA.
One of the biggest mistakes made by individuals and businesses that experience severe financial problems is to think that insolvency will solve all their problems and allow them to continue unmolested. This is most certainly not the case. The entire process takes time and the courts are scrupulous in investigating all the circumstances that lead to the application. Investigations can be humiliating and time consuming.
Once the courts grant an application, several things happen very quickly. In the case of businesses, all trading ceases immediately and the employees are retrenched. Assets of both individuals and businesses are seized and preserved for sale. The court will appoint a trustee, whose task it is to see that the entire matter is brought to a conclusion as soon as possible.
Applications by businesspeople may have far reaching effects for many others. Employees are likely to lose their jobs and creditors will have to wait for their money. The trustee normally cause the business to stop trading immediately, but a different decision may be made if it is in the interest of the creditors. In all events, any moneys earned will be administered by the court.
In the past many people used the insolvency laws to rid themselves of creditors and even to commit deliberate fraud by entering into contracts without the slightest intention of honoring them. These days the courts are much stricter and several tests are administered to ensure that the applicant truly has no means of honoring his obligations. Applications will only be entertained when no other remedy can be found.
Applicants are placed under tremendous stress and the demands upon them can be severe. They are under obligation to attend many meetings that aim to investigate their financial affairs and they have to produce all documentation that may be demanded. Their families may also suffer. Any signs of dishonesty may lead to arrest and even a criminal trial. The best route is to cooperate fully.
It would be extremely unwise to attempt this route without the help of a professional lawyer with extensive experience in this branch of the law. In many cases it is possible to seek alternatives to insolvency, but only if those in trouble confide in their legal representatives. There are alternatives, such as an administration order, that is advantageous to all parties concerned.
There can be little doubt that the services of a bankruptcy attorney Vancouver WA is the wisest decision that can be made by those individuals and businesses that simply do not know how to proceed with their own financial affairs. In all cases it is best to obtain legal advice as soon as possible.
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