On September 22, 2016, the founder of the Orlando startup, a financial tech startup, was forced to pay his father’s debts worth hundred thousand dollars, which had initially forced his father to be bankrupt. Ishrat Rehmetullah was forced to pay the money after debt investigators realized that he had the assets and resources that could enable to him pay his debt. Through the legal force of bankruptcy attorneys, he was forced to pay the bankruptcy dues and stay clean to do his business transactions as normal. When someone or a business has been declared bankrupt by a financial institution or lenders, bankruptcy lawyers can fight to ensure that proper terms and sanctions are used beside bankruptcy.
Reason behind hiring bankruptcy attorneys
Bankruptcy yields a huge financial ruin to any business or person, and its worth and it could as well create a negative image in front of other lenders and business partners. Hiring any of the bankruptcy lawyers Houston TX has today gives a person or business a second chance through eliminating all the debts and loans from them. Bankruptcy occurs differently on different kinds of people, so it requires a lawyer to have diverse critical thinking to address all the debt issues of different businesses and people.
Tasks that are performed by the bankruptcy attorneys
It is important for a person or business that has been declared bankrupt to understand all the available options that could relieve them from the debt burden. Through legal acknowledgment, sanctions could be eased to an extent that bankruptcy is thrown away and the affected individual is allowed to operate businesses. Every case needs close attention, enough time and full commitment, which is why people should choose a Houston bankruptcy attorney who is not too busy for proper commitment to the case. All cases begin with a consultation where the lawyer should try to understand the situation that you are in and figure out how you can possibly be helped.
Factors to consider when choosing a Houston bankruptcy attorney
Bankruptcy is a very sensitive and critical thing that requires close attention and full commitment. If bankruptcy is not well handled, it could jeopardize the business operations of people or businesses. You need experienced lawyers who can apply the law perfectly on your case and defend you so that you are saved from the debt burden. Lawyers should be able to analyze the case, relate to the law and convince the judges why you should not be given a bankruptcy ruling.
Immediately after the consultation, the lawyer is the one who handles all the negotiations with your creditors. The creditors have a right to call you before the case is filed, but most of them tend to stop calling once they realize that you have hired a lawyer for that. Once a petition has been filed, a meeting between the person and creditors is organized to ensure that proper negotiations are conducted using the law. It is the duty of the Houston bankruptcy attorneys to ensure that all agreements are signed. In any bankruptcy case, additional cases might arise that are tethered to the financial situation of the person declared bankrupt. It is the duty of the lawyer to handle all the cases together.