Bankruptcy is a complicated process that requires you to make several vital decisions from when you petition until your debts are discharged and the bankruptcy process is completed. An expert bankruptcy attorney can help you navigate the confusing tangle of decisions, paperwork, and procedure accompanying a bankruptcy petition, whether it’s a chapter 7 or 13 bankruptcy.
A bankruptcy attorney is present from the start to advise you on the bankruptcy process and whether it is appropriate for you. They are designed to assist you in taking a critical look at your debts and assets to assess whether bankruptcy is the best option for you or if a better approach is to improve your situation from a different angle. For example, the majority of your debts may be unsuitable for bankruptcy protection, such as school loans, and an attorney can assist you in determining whether bankruptcy is genuinely beneficial.
If bankruptcy appears to be the best option for you, an attorney can assist you in weighing the pros and cons of chapter 7 and chapter 13 bankruptcy. This is a significant choice that will need you and your attorney to examine the size and composition of your debt, the assets you are willing to put at risk in a bankruptcy, and your capacity to repay your debts or a portion of your obligations among other factors.
After you’ve decided on your unique filing strategy, an attorney can assist you in making critical decisions ahead of time. For example, if you apply for chapter 7, an attorney can advise you on your best options for maintaining any assets you don’t want to lose to repay creditors. If you file for chapter 13, your attorney can work with you to develop a payment plan that you can afford. Attorneys can also assist you in deciding whether to file jointly with a spouse or individually, as well as the impact on your co-signers on any loans that will be affected by your bankruptcy petition. An attorney must have a good understanding of federal bankruptcy rules to be a reliable guide for this area of your decision-making.
Your attorney will assist you in gathering and preparing the relevant papers, which will primarily focus on your income, assets, debts, and expenses. After the documents are filed, and the bankruptcy is started, your attorney will be your main point of contact for ensuring that you complete any extra paperwork and meet any deadlines.
Your attorney will represent you at these proceedings and ensure that your best interests are sought. Bankruptcy entails court hearings, including a meeting of your creditors, and your attorney will represent you at these procedures and ensure that your best interests are pursued. This is one of the reasons why having an attorney who is well-versed in local court procedures and the bankruptcy trustees in your area is critical, as approaches differ from place to place. These hearings are essential if one of your creditors objects to the petition. Therefore your lawyer’s skills and knowledge of your case are crucial.
Throughout the procedure, you should have access to a bankruptcy attorney if you have any issues or require guidance. A qualified attorney can offer a sense of clarity and comfort to the process, ensuring that it achieves its primary goal of assisting you in regaining your financial footing.