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If you are in deep financial trouble and are thinking about filing for bankruptcy, then you should hire a well-read bankruptcy attorney that can guide you through the entire process.
Here is what your bankruptcy attorney will do after you have contacted them.
Your Attorney Will Ask For all your Relevant Papers
You will first need to go for mandatory credit counseling 6 months prior to filing for bankruptcy.
The proof of this counseling, along with other financial papers (such as a list of all your debts, expenses, income and possessions), will have to remain provided to your bankruptcy attorney before they can proceed.
They will study your documentation and then advise you on the best way out of your fiscal predicament.
Your Bankruptcy Attorney Will Decide On the Applicable Chapter
Based on your financial records, your bankruptcy attorney can come to a conclusion concerning which chapter is more suitable for your situation.
If you have exhausted your sources involving income, then you might be advised to file for bankruptcy under chapter 7. For those who have a reduced source associated with income and would also wish to save most of ones assets, then your attorney might advise you to file under chapter 13.
If you own a business and you intend to continue running it, then you could file for bankruptcy with chapter 11.
Your Attorney Will assist you to with the 'Means Test'
If you're filing for chapter 7 chapter 13, then your bankruptcy attorney can help you calculate your gross and net gain for the previous six months. That income will be compared to the average median income on the similar-sized family locally.
If you do measure up to file under Page 7 bankruptcy, then your attorney will coordinate using a trustee appointed by the bankruptcy court in disposing your assets so as to pay off your collectors.
If your income exceeds "means test" guidelines with regard to qualifying filing a Page 7, then your attorney will now have to shift their focus on filing for bankruptcy under chapter 13, which requires a new repayment schedule.
This schedule will help you clear your old debts over a period of three to five years.
Your Bankruptcy Attorney Can Draw up a New Schedule for any Court
If you need to seek bankruptcy relief under chapter 13, your attorney can draw up a new repayment schedule and get it approved by the court after arranging a meeting with your creditors.
Once the repayment approach is approved, then you will need to start your payments consistent with that schedule.
Your Attorney Can help you Avoid the Pitfalls
Filing for bankruptcy might be a complicated affair - and you will probably be too worried to become thinking straight.
An efficient bankruptcy lawyer can calm you down and discuss the pitfalls and greatest things about filing for bankruptcy with different chapters after analyzing your case.
Hiring an attorney can save you a lot of time and effort. They is going to do the legwork involved to close your case in the earliest possible time.
A highly skilled, knowledgeable bankruptcy attorney is a vital asset to have in your favor when you are dealing with financial difficulties and considering filing for bankruptcy.
