Legal News

How Bankruptcy Works


Bankruptcy begins with the filing of a Petition in the Federal bankruptcy court, seeking relief under one of the chapters of the Bankruptcy Code. There are other papers and forms that must be filed at the same time. Branches of the bankruptcy court are located in almost all major cities. Under the bankruptcy law, people are referred to as “individuals” or “persons” to distinguish them from corporations or other business organizations.

The moment the Petition is filed, bankruptcy law imposes an Automatic Stay which operates as a restraining order against the creditors. In most cases this stops bill collectors, lawsuits, foreclosures, even the IRS. It creates a cooling off period while the court system works things out.

When a bankruptcy is successfully completed, the court issues a Discharge. A Discharge is a permanent order from the court that prohibits creditors from trying ever again to collect on a debt that has been discharged.

Most individuals seek relief under one of the two predominant kinds of bankruptcy cases—called Chapter 7 and Chapter 13. When appropriate, Chapter 7 bankruptcy allows a person to be legally excused from repaying most types of debts (but there are certain exceptions.)

Chapter 13 is generally described as Reorganization. In a Chapter 13 Reorganization, a person pays some or all of his or her debts under a structured payment Plan carried out under court protection and supervision. When the Plan term (usually 3 to 5 years) has been completed, the individual receives a discharge and all debts handled under the plan are resolved according the specific Plan terms.

Whatever your situation and background may be, know that there are caring legal professionals who will explain how bankruptcy might work for you. These professionals will ensure that your financial future will make sense and be full of hope.…

Legal News

Legal and professional firms invest in promotional activities


The pressure of the market obliges legal and professional firms to invest in various promotional activities to grow. Increasingly, firms seeking to create brand. That different and reliable touch that makes that they charged them a theme to them and not to the competition. There is no sector that escape the Leonine competition of the market. The legal either.

In recent years, it has increased the number of firms that have opted for this new niche business in Spain, based on complaints from investors of financial products exits bag failed, as well as other conflict-stricken citizens as scams strikes in air sector.

Other reputed firms engaged in business law, including Cremades & Calvo-Sotelo Jausas, have also fallen into the temptation of offering these services. It is estimated that the amount of contracted products is around 18 billion euros and the number of people affected could reach the 700,000.

The offensive has become clearer in recent months because on 25 may he concludes the deadline to claim for the purchase of the shares of Bankia, one of the most demanded services. A series of phone calls to several of these firms thus attests. In two of them urge us to have an appointment with their lawyers in the next few days, because they are having a very high volume of queries.

This shows that the law firms who advertise more have a first call for less technical customer service in Legal Affairs, and that usually charge a fixed amount to lost bottom for the advice, ranging between 150 and 450 euros, depending on the amount invested the type of claim. Then, if demand is won, the customer must pay in some of these law firms other 550 euros, but most only get their fees to success, i.e., if they win they charge a percentage of between 5% and 10% of the amount recovered.…


The Most influential lawyers


The most influential magazine in the world of business has first made the list of most influential lawyers in Spain with a ranking of the most prestigious law firms and with more turnover in the country.

At the international level, last year was especially active in big mergers that have served to create international giants of the legal profession of the business world. These movements have also had their impact on Spain. The Asian King & Wood already has presence in our country, after its merger with SJ Berwin, which has office in Madrid. The same is true for Dentons, based in the Spanish capital with Salans. These movements of concentration and greater international capillarity of these new firms could add even more pressure on the domestic market.

Of the nearly 2,000 billion moving in the legal sector, more than half the top ten firms of the country concentrating it by billing: Garrigues, Cuatrecasas, Uría, PwC, KPMG, Deloitte, EY, Baker & McKenzie, Gómez-Acebo & Pombo and Clifford Chance. These are the only ones who Bill more than 50 million. Most bet on multidisciplinary advice, although there are firms that prefer to specialize, as Sagardoy who has managed to place itself among the 25 largest working alone in labor.

However, in the legal sector – especially the segment related to the advocacy of the business – has been detected a change of trend. More and more firms of a certain size have in their ranks as well as lawyers and economists: graduate in administration and management of companies, engineers, chemists, psychologists, sociologists, documentary journalists.

On the one hand, the firms have expanded their areas of practice and have been requiring new profiles. The new trigger that explains this diversity of graduates in a world traditionally only of lawyers is the professionalization of legal firms.…