"This decision is to prevent legal anarchy," That’s exactly what Quebec Superior Court Judge Martin Castonquay had to say when approving the bankruptcy of MMA, the U.S. railway company whose runaway train had killed 47 Canadians.
Believe me, as a lawyer offering bankruptcy services in Indiana, I have seen more than my share of financial “train wrecks”. But Ihave never been involved in a bankruptcy caused by an actual train wreck. Judge Castaonquay’s statement, though, is one I wanted to share with my Bankruptcy in Indiana readers.
Imposing order where there is confusion is one of the most important aspects of bankruptcy, in my opinion. That’s true whether we’re talking about a railroad company in Maine or about personal bankruptcy in Indiana. When there’s chaos and lots of tension, it’s reassuring to know that there’s a system in place to keep matters flowing smoothly and efficiently
Over the years, we attorneys in the Zuckerberg bankruptcy law offices have gotten into the habit of explaining this system to our clients. We break down filing personal bankruptcy into six basic steps:
1. Initial meeting: The way we handle this in our five offices is that there’s a no-obligation, no cost session to simply clarify what’s happening with you and to examine your options.
2. You go through a mini-credit-counseling course (This can be done from your home or at our offices.)
3. We file your bankruptcy documents with the court..
4. Your creditors are notified a petition has been filed.
5. There’s a Creditors' meeting held at the Court.
6. Your bankruptcy is discharged. This would apply to bankruptcy Chapter 7 in Indiana; under Chapter 13 bankruptcy law, you would be put on a 3-5 year debt repayment plan.
All of this may sound very intimidating and confusing, but actually the system minimizes hassles and delays and brings order to the process. My job, then, includes humanizing the system, being your “point person” and guide through the system.
In Maine and Quebec with the MMA railroad company, both the U.S. bankruptcy system and the Canadian system want to allow the company to continue to operate, meeting its payroll and continuing local service.
Here in our state, the new bankruptcy laws of Indiana are in place for the same reasons – buying you time to operate and to get back on your financial feet!
Categorised in: Bankruptcy Indiana
This post was written by Mark Zuckerberg