When a person or organization applies for bankruptcy and it is approved by the court it usually stays in an organizational file for a period of seven years and you will need to know about the bankruptcy automatic stay for foreclosure actions. This is made usually for people and creditors to note the situation of the firm thus able to make sound decisions when deciding to do business with the organization. This is also put in place to avoid the organization from going into other debts related from other creditors. There are lots of people who are stuck in this process and they can land up in serious trouble and once that happen it will be very confusing for people who are involved and they do not want that to happen. Many people are very confused and if you are one of them then go in for technical help.
During the process of litigation of bankruptcy understand chapter 13 lawyer, one could be able to decide whether to hire a chapter thirteen lawyer who is charged with guide and file in the court a repayment plan from one's debts and creditors so that to stop an organisation assets been disposed of and also know about what happens in chapter 7 as a lawyer and able to recommend the best course of action. The lawyer would first evaluate of a person is qualified for the process for both secured debts and unsecured. The lawyers usually file this while in collaboration with a financial expert to enable to the professional to be able to look at one's financial position looking at both expenses and income in order to come up with the best applicable way for an organization to pay off its debts. This is usually done under the supervision of court and creditors. You need to know the process well and once you understand that then things will be very simple and that is what you want so what are you waiting for. Just look for a good option and once you find good technical help take it to improve your knowledge.
One could also hire a lawyer with understanding of chapter thirteen qualifications which could enable the individual to file a plan with the court which is usually with a period of three to five years and how they will be able to pay the debt owned and clear within the period and this is usually done through supervision of the court versus a chapter 7 plan that would not have payments.
Through this collaboration and agreement through the court with help of an NYC bankruptcy lawyer, an individual would be able to stop a foreclosure sale on their properties as they are usually sold way below their market price thus would lead to massive losses. This necessitates the need for both debtor and creditors need to come with a plan in order to safeguard all their interest and not to be able to lose their elemental self during the period of bankruptcy and the period through which the organization is still covered under bankruptcy petition with stop foreclosure sale.
Elena Kitsch is an author of 123nylaw.com one of the best bankruptcy and foreclosure attorney services in New York City, USA. She has been writing articles on bankruptcy automatic stay for 123nylaw