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If you are in deep financial trouble and are thinking about filing for bankruptcy, then you should hire a knowledgeable 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 the Relevant Papers
You will first need to go for mandatory credit counseling six months prior to filing with regard to bankruptcy.
The proof of that counseling, along with other financial papers (for example a list of all your debt, expenses, income and assets), will have to remain provided to your bankruptcy attorney before they are able to proceed.
They will study your documentation and then advise you on the best way out of your financial predicament.
Your Bankruptcy Attorney Will then Decide On the Relevant Chapter
Based on your financial records, your bankruptcy attorney will come to a conclusion with regards to which chapter is more suitable for your situation.
If you have exhausted your sources of income, then you might be advised to seek bankruptcy relief under chapter 7. If you have a reduced source involving income and would also love to save most of ones assets, then your attorney might help you to file under page 13.
If you own a business and you want to continue running it, then you might file for bankruptcy with chapter 11.
Your Attorney Can help you with the 'Means Test'
If you are filing for chapter 7 personal bankruptcy, then your bankruptcy attorney can help you calculate your gross and net gain for the previous 6 months. That income will be compared to the average median income on the similar-sized family in your neighborhood.
If you do measure up to file under Page 7 bankruptcy, then your attorney will coordinate using a trustee appointed by this bankruptcy court in disposing your assets so as to pay off your loan companies.
If your income is greater then "means test" guidelines for qualifying filing a Section 7, then your attorney will are in possession of to shift their attention to filing for bankruptcy with chapter 13, which requires a new repayment schedule.
This schedule will help you clear your old debts on the 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, then your attorney can draw up an alternative repayment schedule and get it approved by the court after getting a meeting with your loaners.
Once the repayment plan is approved, then you have got to start your payments according to that schedule.
Your Attorney Can help you Avoid the Pitfalls
Filing for bankruptcy might be a complicated affair - and you should probably be too worried being thinking straight.
An efficient bankruptcy lawyer can calm you down and explain the pitfalls and greatest things about filing for bankruptcy under different chapters after studying your case.
Hiring an attorney can save you a long time and effort. They is going to do the legwork involved to help close your case at the earliest possible time.
An expert, knowledgeable bankruptcy attorney can be a vital asset to have in your favor when you are experiencing financial difficulties and considering filing for bankruptcy.
