An officially legal status of an individual or a company, imposed by law and court, whichis unablerepay the debt to the creditors is called Bankruptcy. Most oftentimes, it is filed by the debitor.
Bankruptcy is not a synonym of insolvency. Personal bankruptcy is being claimed at a large scale; as stated by statistics of US court,bankruptcy is being filed by more than 1.5M people each year. The number of individuals filing bankruptcy is 97% greater than that of companies.If you want a bankruptcy lawyer san antonio, then you should know first that what can a Bankruptcy lawyer from can do.
WHY PEOPLE CHOOSE BANKRUPTCY?
- At Harvard University, a study showed that 72% of the individuals who for bankruptcy owing to their medical expenses like for medications and hospitality. In most cases their had it insured.
- The employs can include bankruptcy because companies now-a-days tend to cut down the expenses on their employees which hence results in reduction of bonuses of them.
- For jobless people, there’s no guarantee as to when a new job will be forthcoming. These people also file for bankruptcy as their savings are spent on expenditures and no money is left.
- Credit Debt is another reason of bankruptcy, it cannot only be caused by senseless wastage of resources; it can be caused byother disasters as disability or losing job, illness or unexpected expenses, or justa ceased income.
- Divorce is costly business, person must pay lawyer’s fee and it must do other expenditures too. This process sometimes is the reason behind bankruptcy.
- The statistics have shown that student loans account for at least one percent of all United States of America’s bankruptcies, which translates to roughly fifteen thousand (15,000) bankruptcies a year.
- Utility Payments can be hectic sometimes. For many of homeowners, ever increasing expenses forcooling or heating of home,electricity and maybe some other needs can lead the accountto bankruptcy.
- Bad budgeting and overspending is a reason of bankruptcy too. Inflation take the credit for management of moneyis more difficult than it could ever be; yet when the bad budget system and untoward spendingare combined, one gets himself an easy way to bankruptcy.
There are two types of Bankruptcy Lawyer San Antonionow, commercial bankruptcy lawyer who can help you file bankruptcy for businesses, and if you want to file bankruptcy for yourself then there is a consumer bankruptcy lawyer too.
Commercial bankruptcy lawyer protects your business from creditors when you are going through a bankruptcy filing process. They can also help you clear loans. Consumer bankruptcy lawyers protect you and your partner when going through bankruptcy filing process. They deal with creditors, clear debt and set up payment plans.
Do You Need a Bankruptcy Attorney?
If following scenarios happen with you then you need a bankruptcy lawyer: