Hire a knowledgeable Attorney
Most people don’t know what type of bankruptcy they should apply for. They don’t know if they should apply for Chapter 7 or Chapter 13. Making the decision to file bankruptcy is never an easy one. This type of decision is best left in the hands of a qualified bankruptcy attorney. No one is expected to know all the ins and outs of filing bankruptcy. The laws change often and sometimes lawyers have to spend hours researching current changes in the law. A bankruptcy lawyer does what an ordinary lawyer cannot do.
The attorney sits down with the client, and conducts a financial interview or assessment. The client is instructed to bring all of their financial statements, income, liabilities, and proof of debts, property and assets to the interview. The attorney will evaluate the case, step by step, while keeping the client informed. The attorney will submit all necessary paperwork on behalf of the client. The attorney will notify all the client debtors, and inform them of the clients’ decision to file bankruptcy.
Be Patient- It’s a Process
Assuming that all the paperwork is in order, and a court date is set, the attorney waits for a response from the clients’ creditors. If there are any mistakes in the financial reports or summaries or any other discrepancies, there is a good chance that the bankruptcy case will be dismissed. This means that the only remedy left to fix a financial hardship, through bankruptcy is denied. This is why it is important to have a bankruptcy attorney.
The process to handling any type of bankruptcy is stressful and time consuming. This is especially true for individuals who have no knowledge of bankruptcy law or how it can affect them. It’s never easy meeting deadlines, securing documents and keeping up with responses and contacts. This is what a bankruptcy lawyer does every day. This is a chosen profession and career the lawyer has decided to pursue. The average lawyer gets into bankruptcy law, because of the desire to help people improve their financial situations.
Know the Difference between Chapter 7 and Chapter 13
Without a bankruptcy lawyer, people would lose their homes, their cars and all of their other possessions. They would not have an opportunity to improve their financial status. Filing bankruptcy allows people to work toward securing a savings account, and to hold on to their assets. Chapter 7 bankruptcy assist clients have little or no money and no property. Chapter 13 bankruptcy is for people who have homes, cars, rental property and other assets. They can keep most of their property, and make interest free payments. Without speaking to a bankruptcy attorney, clients will not know their rights under the bankruptcy law.