Bankruptcy cases start when debtors file for bankruptcy with the court. A bankruptcy case can be filed by an individual, couple, or company. Along with the petition, debtors also need to file statements where they list assets, liabilities, income, and complete information of the creditors. This petition puts a stop to any debt collection actions against the debtor’s property.
Creditors are notified about the debtor’s petition. In some cases, many even allow debtors to arrange and develop a repayment plan. Bankruptcy cases are primarily filed in order to reduce the occurrences of disputes. There is an old stigma associated with bankruptcy that makes it sound like the end of the world, but in reality, it proves that life has a reset button.
Additionally, when you have a professional with you through the process, you can get more benefits.
Importance of Bankruptcy Lawyer
It might sound ridiculous to hire a bankruptcy attorney when you are filing for bankruptcy. However, life has a reset button, and hiring a professional can help you identify this button.
Bankruptcy is a complicated procedure that needs you to make decisions that can significantly impact your case. When you have a professional by your side, you are more likely to make well-informed decisions.
The following are some essential reasons to hire an experienced bankruptcy attorney.
From the beginning of your case, bankruptcy attorney provides you proper counseling with regards to the overall procedure of the case and whether or not it is ideal for you. They help you take a thorough look at your debts as well as assets and decide whether or not bankruptcy is the ideal path to take. Furthermore, an attorney can help you evaluate Chapter 7 and Chapter 13 options. During this process, you and your lawyer examine the size of your debts, the asset you are willing to extend, your ability to repay the debts, etc.
They Help With Proper Documentation
Once you have decided on your filing plan, a bankruptcy attorney can help you make other essential decisions. For example, if you decide to file for Chapter 7, your lawyer can suggest the best options to retain your assets that you don’t want to lose. Moreover, if you have filed for Chapter 13, your attorney can help you work out an effective repayment plan based on your situation. At the time of filing, your attorney will help you collect and prepare the critical paperwork. And it is the responsibility of the bankruptcy attorney to ensure that the required documents are submitted within the given deadline.
Acts as Your Court Representative
Bankruptcy cases required you to attend court hearings and meeting with your creditors. And your bankruptcy will accompany you to all these meetings and act as your representative. You can benefit from the experience and expertise of a professional bankruptcy lawyer. Court hearings are consequential for your overall case, and you need to put your best foot forward. Since your attorney is well aware of the court proceedings, he/she will prepare you beforehand.
From the outset, your bankruptcy attorney will be by your side, guiding you throughout the whole process. If you have any queries and need a consultation, your attorney will be just a call away. Bankruptcy cases are challenging; however, by hiring an experienced attorney, you increase the probabilities of regaining your financial footing.