Filing for financial insolvency is hardly an easy to decision to make but sometimes there simply is no way out of debt and seeking court protection is the most logical solution to make. Many people have no idea of how to file bankruptcy which is why almost everyone petitioning for insolvency hires an experienced attorney to file their petition. The courts are receiving a record number of petitions for financial insolvency because many people affected by the poor economy are seeking court protection.

Those who are wondering about their financial future should know that their financial world is not at an end. Many people who today are rich had to at one point file for financial insolvency but they took their fresh start and did not look back and made millions. Filing for financial insolvency should be thought of as given a fresh start to financial independence.

When a person files for financial dissolution the creditors are legally required to stop the harassing phone calls. In fact creditors will receive legal fines if they continue to harass petitioners for payments. The court takes this legal requirement seriously and if the calls continue the petitioner’s lawyer will report the calls to the judge.

Petitioners for bankruptcy can count on their lawyers all along the legal process to guide the way. Most individuals apply for chapter seven dissolution which is a simple liquidation of debts. Business owners, usually apply for chapter thirteen dissolution in order to set up a debt repayment schedule.

A business can continue to operate if a chapter 13 dissolution is petitioned if the company has the ability to pay back its creditors under a modified payment plan and if the company can show a reasonable level of profitability. The petitioner’s attorney is responsible for showing the company’s ability to remain profitable. The attorney will also be responsible to show that the company will be able to meet its new repayment obligations.

Some lawyers charge a flat fee while others charge an hourly rate. Many lawyers offer an initial free consultation so that the petitioner can discuss the likelihood of the court approving his submission. Not all petitions are approved but the odds of a petition being accepted are increased if the petition is submitted by an attorney on behalf of his client.

Applying for financial insolvency is a difficult decision to make but sometimes there is no other solution. Most people have no idea of how to file bankruptcy which is why it is wise to hire an experienced lawyer. The person who is submitting a request for financial insolvency should not feel ashamed because many wealthy people at one point in their financial career decided to file for financial dissolution but they rose above their set back to make millions of dollars to become financially independent.

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