Your Bankruptcy Attorney – Guiding You Through the Process

You should employ a professional bankruptcy attorney who can direct you through the whole process if you are in serious financial trouble and are thinking about filing for bankruptcy. Have a look at bankruptcy attorney.

Once you have told them, this is what your bankruptcy attorney can do.

Your lawyer will ask for all the necessary documents.

Six months prior to filing for bankruptcy, you will first need to go for mandatory credit counseling.

Along with other financial records (such as a list of all your debts, expenditures, profits and assets), evidence of that therapy will need to be given to your bankruptcy attorney before they can proceed.

They will review the paperwork and then guide you about the best way out of your economic hardship.

Then your bankruptcy lawyer will decide on the appropriate chapter.

Your bankruptcy attorney will come to a decision on the basis of your financial statements as to which chapter is more appropriate for your case.

If your sources of income have been depleted, then you will be advised to file for chapter 7 bankruptcy. If you have a reduced source of income and want to save much of your assets as well, your lawyer can recommend that you file under chapter 13.

If you own a corporation and you want to continue operating it, under chapter 11, you must file for bankruptcy.

Your prosecutor will help you with the ‘Means Test’

Your bankruptcy advisor will help you determine your gross and net profits for the previous six months if you are filing for chapter 7 bankruptcy. The average median income of a similar-sized family in your town would be compared with that income.

If you are registered for bankruptcy under Chapter 7, your counsel may coordinate with a trustee appointed by the bankruptcy court to dispose of your properties to pay off your creditors.

If your income exceeds the “means test” guidelines for applying for a Chapter 7 filing, your counsel will now have to turn their focus to Chapter 13 bankruptcy filing, which includes a new repayment plan.

For a period of 3 to 5 years, this schedule will help you clear up your old debts.

Your Bankruptcy Attorney can draw up a new court schedule

If you need to file for bankruptcy under chapter 13, after scheduling a meeting with your creditors, your counsel will draw up a new repayment plan and have it accepted by the judge.

Once the repayment plan is accepted, according to the timetable, you will need to start your payments.