If you have ever been involved in any legal case, then you will agree with me that the services of a qualified and experienced lawyer come in handy. This is because this is the person who is well versed with the law and who can clearly and correctly represent you during the proceedings of the case. Bankruptcy, or the state of being unable to pay your creditors, is one of the positions that so many people and companies find themselves in at one point or another in their business life. Once it happens, what is supposed to follow is legal action to protect the individual or company for being pursued any further by the creditors, as the debtor looks into ways of settling the debts. This is where bankruptcy attorneys come in. These are qualified professionals, well versed with laws to do with financial debts, and who will come to your rescue when you need to equip yourself with information regarding the various laws in the situation. They will help you handle all the legal proceedings like filing for the indebtedness, informing your creditors of the existence of that file and other issues like disclosing information about your assets and your business worth. Depending on where you live, you can be able to locate these bankruptcy attorneys either through the Internet or in the law directories that are available in your local library. Be sure to engage the services of an attorney who will protect your rights as well as property. He should also be able to work towards seeing that your debts are subsidized.

Filing for insolvency is a legal process that calls for the use of appropriate tools. With this in mind, experts have come up with some software that allows you to go through the process easily. Although the software targets attorneys, at the end of the day it also benefits you as a debtor. This is because the process is made easier and more reliable. The bankruptcy software comes in many different brands, not to mention that they are specialized to perform a number of interrelated functions. Just to give an example, there is the Bankruptcy2009™ that allows you to prepare for the filing process by quickly filling in the required forms and providing the necessary information real quick. Rapid Import™ is a software that allows an attorney to collect the clients’ information online. Once this is done, the information is then sent directly to the insolvency database records. With such software, you will find that both you and your attorney will be saved from the hassle of having to meet every so often because the process will be completed online.You may want to make use of insolvency software without involving an attorney. If this is the case then, you can access the Standard Legal Bankruptcy software online. The package contains all the necessary forms as well as instructions that you will require. Making use of it will see to it that you reduce on extra expenses of hiring a lawyer. Feel free to use the software because it is approved and complies with The Bankruptcy Act of 2005.

Filing for bankruptcy has become relatively easy for debtors. This is because they can now make use of some special bankruptcy software that is available online. Different experts have seen the need to formulate the software to make your work easier. They come in different types, some specifically made for attorneys and others for debtors who may want to file for bankruptcy without involving a lawyer. The software made for attorneys allows them to collect all the relevant information that pertains to the debtor without necessarily meeting him face to face. The information is then processed online and the results sent to the bankruptcy database for recording. It contains all the necessary forms that the attorney needs while filing on behalf of a client.The bankruptcy software for the debtors on the other hand is a bit more detailed. Remember that it targets a debtor who is not willing to hire the services of an attorney. It therefore seeks to give you guidelines on the procedure for filing. Furthermore, once you have outlined the circumstances under which you are filing for insolvency, the software will automatically choose for you the most appropriate chapter under which to file your case. The software is available in many different formats but the most common formats are Microsoft Word files, standard text files and Adobe PDF files. None is more preferred over the other so you are free to make use of any one that suits you best. Your decision will be based on how much information you want to file and whether there are any calculations you will be required to carry out in the process. Once you have had a look at the format of the software you will be in a better position to decide.

When you file for bankruptcy, there is an essential piece of information that you need to disclose. Based on the information, the court will be able to decide which chapter you can file. The information includes your list of creditors and the amount owed to each. After the process of filing is complete, you and your attorney must have a meeting with your creditors. This is known as the 341 meeting. It is normally a forum in which your creditors will be notified of your financial bankruptcy and arrangements made on how the bills will be settled. If you file under chapter 7, your assets should be sold off and the proceeds distributed among your creditors. This is where debt consolidation comes in.  Debt consolidation during bankruptcy is a concept that can help you a great deal in paying much less money to your creditors. It works by bringing all your debts together and calculating a favorable percentage that will work for the benefit of all creditors. What follows is that you have to look for a debt consolidation firm that will act as your representative in the whole transaction. In this case, all your debts are treated as one. This is to say that the trustee who will sell off your assets will only require writing a single check. This is what he or she will send to the consolidation firm, which will then distribute the amount thereof to all your creditors in proportion to the calculated percentage. All you need to do is pay the firm a small fee for the services.

Celebrity bankruptcy has become so common that many now hire financial advisors to keep an eye on their bank accounts and stop them from overindulging on wild extravagances and unworkable business ventures. Nobody, no matter how famous or rich, is immune to the perils of debt. In that way the celebs are just like the rest of us, but they’re playing with much higher stakes.
Donald Trump: billionaire entrepreneur
Trump, currently worth approximately $3 billion, has certainly had his fair share of financial disasters. In 1992 the three casinos he then owned – the Taj Mahal, Castle and Plaza – went bankrupt, burdened by more than $1 billion in debt following the 1990-91 recession. But he climbed back from the brink of personal bankruptcy and chronicled his return to billionaire status in the 1997 book ‘Trump: The Art of the Comeback.’ Trump’s casino empire went bankrupt again in 2004.
Meat Loaf: rock star
Meat Loaf spawned some of the largest selling albums of all time, but things turned nasty for him when, in 1981, he changed managers after discovering that his were stealing his money. They had all of Meat Loaf’s assets frozen and sued him for breach of contract. They also spread rumours that he was violent and had threatened people with guns, and a battle-worn Meat Loaf ended up declaring bankruptcy. In 1986, Meat Loaf found a new writer, John Parr, and started recording a new album. Unfortunately, the producer put a dance beat underneath every song, which proved to be a huge mistake, and Meat Loaf ended up going bankrupt for a second time.
Anna Nicole Smith: Model/Actress and 1993 Playboy magazine ‘Playmate of the Year’
Tragic Anna Nicole Smith entered the limelight in 1994 when, at the age of 26, she married 89-year-old oil business executive and billionaire J Howard Marshall. In 1996, Smith filed for bankruptcy in California as a result of a $850,000 judgment against her for sexual harassment of an employee. The former model died from a drug overdose in February 2007, five months after the death of her son Daniel, aged 20, who had also overdosed on drugs.
M.C. Hammer rock star
M.C. Hammer of parachute pants and ‘Hammertime’ fame filed for personal bankruptcy in April 1996 as a result of dwindling album sales and a lavish lifestyle. He was $13 million in debt. After this rapid fall from grace, MC Hammer spent most of the late 1990s as a punch line in the music business. Nelly, in his year 2000 breakthrough hit ‘Country Grammar’, announced his intention to ‘blow 30 mill like I’m Hammer’
George Best: Manchester United Footballer
Manchester United football legend George Best will always be remembered for his dazzling skill on the pitch, but it was the accompanying champagne and playboy lifestyle which ultimately led him to an early grave. Best’s partying and decadence degenerated tragically into alcoholism, bankruptcy, a prison sentence and, eventually, a liver transplant. Following his death in November 2005 the News of the World published a picture of Best at his own request, showing him in his hospital bed, along with what was reported to be his final message: ‘Don’t die like me’.
Walt Disney: Oscar – winning film producer, animation & theme park pioneer
Disney did not lose his riches once he had found them, but it was a major struggle to get there in the first place. As a young entrepreneur Walt Disney formed his first animation company in Kansas City in 1921 and made a deal with a distribution company in New York. Flushed with success, Disney began to experiment with new storytelling techniques, but his costs went up and then the distributor went bankrupt. He was also forced to declare bankruptcy in 1923 and at one point could not pay his rent and was surviving on dog food.
Gary Glitter: Glam Rock star
Gary Glitter, the King of Glam Rock, has had an unusual life. After excessive drinking and drug taking in his earlier musical career, he was declared bankrupt in1980. However, Glitter, aka Paul Francis Gadd, says he was only declared bankrupt because ‘somebody didn’t fill in the right forms.’ Just as he had begun to turn his life around, Glitter was confronted with allegations of paedophilia, and in 1999 he was convicted for downloading 4,000 child pornography pictures and was listed as a sex offender. Glitter’s reputation was further tarnished when he was permanently evicted from Cambodia in 2002 for suspected child sexual abuse offences.
Oskar Schindler: activist who saved over 1000 Jews from the Nazis
In the 1930s, a young Oskar Schindler changed jobs several times. He also tried various business ventures, but soon went bankrupt because of the Great Depression.
By the end of the war, Schindler had spent his entire fortune on bribes and black-market supplies for his Jewish workers. Virtually destitute, Schindler did not prosper in post-war Germany, and eventually he emigrated to Argentina in 1948, where he went bankrupt again. Returning to Germany in 1958, Schindler had a series of unsuccessful business ventures. He then settled down in West Germany and tried again – with help from a Jewish organisation – to establish a cement factory. This, too, went bankrupt in 1961.
TLC: R&B/Hip-Hop/Pop group
In 1994, not long before the release of the trio’s second album ‘CrazySexyCool’ (which was to sell over 11 million copies) band member Lisa Lopes was arrested on arson charges. In an alcohol-fuelled fit of rage, Lopes vented all the frustrations from her often-stormy relationship with Andre Rison, burning his Atlanta mansion to the ground and vandalizing several of his cars. In 1995, TLC filed for bankruptcy, claiming debts of over 3.5 million dollars, in part stemming from Lopes’ insurance payments over the arson incident.
Kim Basinger: Oscar – winning actress
Extravagant Basinger found herself into trouble when she bought the town of Braselton, Georgia for $20 million. It was around the same time that she dropped out of the movie ‘Boxing Helena’ after expressing concern over nude scenes. Main Line Pictures sued the star of Batman and 9 1/2 Weeks for breach of contract, and the ensuing court case was of Hollywood proportions. The producers’ lawyers even tried to stop Basinger having children – as this would diminish the sum they might reclaim. Basinger filed for personal bankruptcy in 1993 and was forced to sell the town of Braselton.