There are different types of bankruptcy, each designed to address specific financial situations. Iranian Bankruptcy Lawyers play a crucial role in guiding individuals and businesses through the complex legal proceedings associated with bankruptcy. Here are some common types of bankruptcy and how a bankruptcy lawyer may be involved:
Chapter 7 Bankruptcy:
Also known as liquidation bankruptcy, Chapter 7 involves the sale of a debtor’s non-exempt assets to pay off creditors. In Chapter 7 cases, these attorneys help individuals navigate the liquidation process, ensuring that eligible assets are protected and exemptions are maximized.
An Iranian Bankruptcy Lawyer helps clients understand eligibility criteria, exemptions, and guides them through the process of filing the necessary paperwork. The lawyer may also represent the debtor in court and work to protect as many assets as possible through legal exemptions.
Chapter 13 Bankruptcy:
Chapter 13 is a reorganization bankruptcy that allows individuals with a regular income to create a repayment plan to settle their debts over three to five years. In Chapter 13 proceedings, Persian Bankruptcy Attorneys collaborate with clients to craft realistic repayment plans, negotiating with creditors and representing the debtor’s interests in court. They play a crucial role in ensuring that the proposed