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If you are within deep financial trouble and are considering filing for bankruptcy, then you should hire an expert bankruptcy attorney that can guide you through the entire process.
Here is what ones bankruptcy attorney will do once you have contacted them.
Your Attorney Will Ask For any Relevant Papers
You will first need to go for mandatory credit counseling six months prior to filing with regard to bankruptcy.
The proof of this counseling, along with other financial papers (such as a list of all your debts, expenses, income and means), will have to become provided to your bankruptcy attorney before they are able to proceed.
They will study your documentation and advise you on the correct way out of your fiscal predicament.
Your Bankruptcy Attorney Will Decide On the Applicable Chapter
Based on ones financial records, your bankruptcy attorney can come to a conclusion as to which chapter is far better for your situation.
If you have exhausted your sources associated with income, then you might be advised to file for bankruptcy under chapter 7. If you 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 section 13.
If you own a business and you ought to continue running it, then you might file for bankruptcy with chapter 11.
Your Attorney Can help you 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 income for the previous six months. That income will be compared to the average median income of an similar-sized family in your town.
If you do measure up to file under Section 7 bankruptcy, then your attorney will coordinate with a trustee appointed by that bankruptcy court in disposing your assets to be able to pay off your collectors.
If your income exceeds "means test" guidelines for qualifying filing a Chapter 7, then your attorney will are in possession of to shift their focus on filing for bankruptcy with chapter 13, which uses a new repayment schedule.
This schedule will assist you to clear your old debts over a period of 3 to 5 years.
Your Bankruptcy Attorney Can Draft a New Schedule for the Court
If you need to seek bankruptcy relief under chapter 13, your attorney can draw up a new repayment schedule and obtain 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 as per that schedule.
Your Attorney Will assist you to Avoid the Pitfalls
Filing for bankruptcy can be a complicated affair - and you should probably be too worried being thinking straight.
An efficient bankruptcy lawyer can calm you down and discuss the pitfalls and features of 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.
An expert, knowledgeable bankruptcy attorney can be a vital asset to have in your favor when you are dealing with financial difficulties and considering filing for bankruptcy.
