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Just as there is litigation involved in many matter of law, so is there litigation sometimes involved in bankruptcy law. Bankruptcy litigation refers to when the bankruptcy litigator liquidates and transfers assets from the person requesting bankruptcy in an attempt to pay the creditors what they can.
Every time that you purchase something on credit, you sign a promissory note. A promissory note applies to purchases made via credit cards as well. This note essentially says that you will make regular payments to pay off the total cost of the item plus any interests over time.
Although there are many challenging circumstances that an individual may have to deal with in life, filing for bankruptcy can be uniquely difficult. In the event that you find yourself needing to go through this process, it’s important that you have a team of professionals who can help in your corner.
If your finances are spinning out of control and it seems that no matter what you do, you can’t seem to get caught up on your debt payments, you might be in need of a bankruptcy attorney. Bankruptcy is the process that alleviates you of all your unsecured debts, giving you a new, clean slate to start over with, so to speak.