- Steiden Law Offices
- Bankruptcy Process
- Involved Parties
Knowing the bankruptcy process is essential in approaching this legal-financial system in the most efficient and productive manner. One of the most important aspects of the process is identifying the involved parties. Knowing who does what can make an otherwise mysterious process quite straightforward.With the help of a qualified Cincinnati bankruptcy attorney, you can immediately simplify the process by categorizing the relevant parties and developing a strategy that allows for strong communication and a timely, favorable outcome.
Parties Involved in Cincinnati Bankruptcy
There are many variables that must be taken into account during bankruptcy. It is a complex situation that must be undertaken with a sense of professionalism and confidence. Our firm, Steiden Law Offices, focuses primarily on representing individuals and families during the bankruptcy process. We are deeply committed to our clients and provide comprehensive legal counsel that allows you to focus on how you are going to move forward in life.
Analytical, proactive and honest, our attorneys have handled thousands of filings with strong results, proving that we are capable lawyers and dedicated to those we serve. Using rigorous quantitative research, we will identify exactly how to approach the filing and develop a legal strategy that is most beneficial for you particular situation.
As a practice based in both Ohio and Kentucky, we are located to serve individuals throughout Hamilton County, Kenton County and Boone County. As an additional service to our clients, we offer free initial consultations for anyone who is interested in learning how bankruptcy protection can help. To schedule a time to meet with one of our attorneys to discuss your legal options, please call or send an online message today.
Involved Parties in Bankruptcy
Debtor – A debtor is commonly described as a person or company that owes something (commonly payment) to another individuals or entity. In a bankruptcy case, the debtor will be the individual in debt to his or her creditors. Examples of debt include unpaid credit card balances and bank loans, among many others.
Creditor – A creditor is a party (i.e. person, organization, company, or government) that has a claim to the services of a second party (debtor). The creditor has provided some property or service to the debtor under the assumption that the debtor will eventually compensate them for the service. In bankruptcy, the creditor is often a financial institution, credit card provider or lien holder.
Trustee – The trustee is an entity, commonly an individual who is in charge of administering a bankruptcy estate. They are commonly either appointed by the United States Department of Justice or by the creditors involved in the bankruptcy case.
In Chapter 7, there are three primary roles of the trustee: (1) Gather the debtor's non-exempt property. (2) Manage the funds and proceeds for the sale of these assets. (3) Paying the expenses and distributing the balance to the relevant creditors.
Chapter 13, on the other hand, requires that the trustee collect the debtor's monthly required payments and distributing these funds to the creditors. The trustee will act on behalf of the debtor to guarantee that both the creditors’ and the debtor’s interests are maintained in accordance with the bankruptcy laws, and will often be required to act as a negotiator between the two parties.
Attorney – Your legal counsel provides advice during the process, as well as being a voice during mediation. He or she will make sure your legal rights are protected and that the procedure moves in a timely and organized manner.
Judge – In simple terms, bankruptcy judges are required to hear all the arguments made within bankruptcy court by attorneys on behalf of petitioners and creditors. Bankruptcy judges must also decide if the debtor qualifies for the specific chapter of the Bankruptcy Code they are petitioning for. While trustees will be handling most of the negotiation between debtors and creditors and the transfer of funds between these parties, bankruptcy judges will still need to approve motions and petitions made at various points in the application process.
Estate – Although not a person, the estate is a very important type of "party" in bankruptcy protection petitions. When a person files bankruptcy, their “estate” consists of all interests in property at the commencement of the case. In a Chapter 7, the estate is fairly fixed and all property acquired after the filing of the case is not part of the estate, but is owned solely by the debtor. In Chapter 13 bankruptcy, the estate is a little broader and encompasses all earnings of the debtor after filing of the case during the course of the Chapter 13 process.
Steiden Law Offices | Northern Kentucky Bankruptcy Attorney
If you are currently considering bankruptcy, it is vital that you speak with a qualified attorney who can properly advise you during the complicated process. The first moment financial concerns become an overarching issue, the process of considering your options should begin. Debt and financial obligations will likely only become more unsustainable and cumbersome as you continue to wait, so an immediate response can make the difference between a favorable resolution or a continuation of your financial woes.
Our firm has well over a decade of experience helping residents of Ohio and Kentucky achieve their dreams and stand up against the seemingly overwhelming issue of debt. We take a straightforward approach that identifies the facts and numbers of the case, allowing us to take control and make certain that everything goes smoothly. We value honesty, communication, and long-term thinking. We base our legal fees on performance, as opposed to hours worked. This means that our interests are directly aligned with yours, requiring use to uphold our end of the bargain and work tirelessly to find the best outcome.
Based in Cincinnati, Florence, and Covington, we have multiple offices that are conveniently located to provide legal counsel for Ohio and Kentucky residents. We also offer free and confidential consultations for anyone considering a bankruptcy filing. This meeting is a risk-free way of learning exactly what you need to know going forward. To schedule a time to meet with one of our attorneys and discuss your legal options, please call or send an online message today.