Significance Of The Knowledge Of Bankruptcy Law In India
Among those decisions that create a lot of emotional disturbance, bankruptcy is one of them. While declaring insolvency has positive and negative effects, you will come to know everything only when you hire a competent bankruptcy law lawyer. These legal professionals specializing in the area of bankruptcy can deal with the insolvency cases and show you a path to eliminate the debts or reorganize them according to the law. However, it is essential that you know the multiple roles and the primary responsibilities of these lawyers as you are going to pay them for the services they offer.
The following points highlight some of the major responsibilities of this lawyer.
- Offer the best advice
When you consult an attorney, they are the people to evaluate your financial situation and comprehend your financial goals after discussing the opportunities of debt relief that are available. They can also offer advice on whether filing the petition of bankruptcy is a suitable choice in your case, and even if it is, how to go about doing it in the right manner. The lawyer dealing with insolvency issues also has a role to play after you file the petition and provide you with the advice needed about the complexities of the law along with the decisions you are about to make related to several issues.
- Filing the petition
The insolvency lawyer helps you in the documentation and preparation before filing the case of bankruptcy. There are various legal documents that are to be filed in the court with which you may not be familiar, so the lawyer is going to provide the guideline and tell you how to go about doing it. Furthermore, the legal professional is also going to allow you to go through the petition properly so that you can check it thoroughly for the list of your creditors and assets.
- Legal representative
The lawyer also has the responsibility to represent you during the proceedings of the court and negotiate with the creditors. Furthermore, they are also going to assist you to comply with the laws and offer protection from the creditors. Usually, they are responsible for handling the creditors on your behalf so make sure the lawyer you hire has adequate knowledge of the bankruptcy law in India and has the highest level of competence no matter how complicated your case may be.
- Meeting with the creditors
After filing the petition, the person declaring insolvency needs to meet the creditors and it is the duty of the attorney to discuss the potential issues so that you are prepared for handling the questions that the trustee of bankruptcy may ask.
- Professional responsibility
The lawyer you hire must have the competence to offer you with the service you need and the same exists for those practicing lawyers specializing in bankruptcy. They must ensure that you get fair treatment during the procedure and no legal professional can ignore this aspect.
- Disclosing about the case
This is one of the most crucial responsibilities of good bankruptcy lawyers as they need to decide the action to be taken and time it properly. Moreover, it is the discretion of the lawyer to disclose the case such as the confidential conversations that take place between them and the clients. In the long run, the nature of the lawyer leads to the enhancement of the case and the details shared with the clients. With this quality, the legal professionals can prevent a leak of information when a case is too sensitive.
- Evaluation of financial documents
Given the number of bankruptcy cases lodged every year, the lawyer specializing in this area also needs to deal with massive financial documents and it is these documents that play a key role in deciding whether an individual can declare insolvency or not. Therefore the law practitioner you hire for handling this case must carry out a thorough evaluation of the papers and analyze the financial assets of the applicant. This procedure is usually to be undertaken at the beginning of the case to determine if liquidation is the only prospect available.
- Dedication towards the clients
It is another big responsibility of the bankruptcy lawyer to stay completely devoted to the clients. The law practitioner must not only provide attention to the case or the client, but also ensure that their rights are completely restored during the declaration of insolvency. Not staying dedicated to the clients can ultimately lead to loss of a case due to violation of rights.
Filing motion and getting discharge
Your lawyer can object to certain disputes or issues such as the claim of a creditor that goes against you. In addition to this, there may be certain claims and counterclaims that the professional needs to address and wind up the secured debts as well. Towards the completion of the bankruptcy procedure, you will receive a discharge order relieving you of the debts you own and your obligation to pay to the creditors.