There are so many rules that govern bankruptcy and it is only wise that debtors and creditors get to understand them. Insolvency is a legal process that is recognized by the law and it is guided by certain provisions of the law. Different rules govern the various chapters of the insolvency proceedings.
There is the scope of rules and forms that you are supposed to familiarize yourself with as a debtor or creditor. These rules oversee to it that the proceedings of any filed case are speedy and effective. They also determine the amount of charges that attorneys and lawyers are supposed to be paid for any service.
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The other bankruptcy rules are categorized according to the point in time, at which the filed case is referenced, which could be at commencement or during the proceedings of the same, as well as after termination of the case. For example, one rule under the commencement of the case states that filing for insolvency should always be done at the clerk's office. It is important to be sure that you are doing the right thing by seeking the advise and assistance of an attorney or a lawyer.
Some bankruptcy rules are based on the nature of the petition, meaning that they are determined by whether a case is filed voluntarily or involuntarily. Many of the voluntary based petitions are mostly filed under chapters 7 and 13 of the law, while involuntary ones may fall under any of the other chapters as desired by the creditor who files it.
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