Financial

What a Bankruptcy Lawyer Does for you

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Filing bankruptcy is one of the hardest decisions one can make in their entire life. The thought of losing everything near and dear can be intimidating. However, what many people fail to know is that filing bankruptcy doesn’t have to mean losing the car or house that they worked so hard for. In fact, filing bankruptcy can be a good thing, because it can set someone free from the debts that have been weighing them down.

If you find yourself in a situation where you have to file for bankruptcy, it’s normal to feel regret and wish that life came with a “pause” “play” or “rewind” button so you could go back and right all the wrongs. But what if we told you that life has a reset button and that you could get your life back in order? Well, that’s true. Working with an experienced bankruptcy attorney can help you through the process, and get you through to the other side.

There are two types of bankruptcy lawyers in the market: consumer bankruptcy lawyers who help you file personal bankruptcy and a commercial bankruptcy lawyers who help businesses file for business bankruptcy. The latter protects your business from credit providers when you’re filing for bankruptcy. The lawyers can also assist you to offset credit and request time to reorganize your business. Commercial bankruptcy lawyers include Chapter 7 and 11 lawyers. Consumer bankruptcy attorneys protect both you and your partner when passing through a filing by handling the creditors, offsetting debt and designing a payment plan. These lawyers include Chapter 7 and 13 bankruptcy lawyers.

What a bankruptcy attorney does

Offer competent legal advice

Usually, your retainer contract will highlight the solutions that your lawyer will offer. The work of your attorney is to provide you with sound advice throughout the process. They will inform you about whether filing for bankruptcy would be a good idea, what to expect throughout the process as well as the difficulties or risks involved if any. Your lawyer will also be available to answer any questions you might be having.

Prepare and file your paperwork

This might seem easy, but it often gets messy and tiring really quick because of the lengthy packet of forms. Lawyers have a specialized application that prepares and files all paperwork with the court. Once your lawyer has all your financial details (including income, asset, expense, and debt), he or she will use it to complete the official form and revise it with you for accuracy.

Input their professionalism

Unlike you, a bankruptcy lawyer is trained to carry out this type of work. He or she has the industry experience to sail through smoothly. Bankruptcy cases vary in difficulty based on the facts of a case, whether it’s a Chapter 7 or 13 bankruptcies, whether one owns a small business as well as the involvement of bankruptcy litigation. It can be challenging to all these, but your lawyer will guide you through.

Represent you at hearings

Once you file for bankruptcy, you’ll be required to attend a mandatory hearing termed as the meeting of creditors (341 Hearing). However, based on the nature of your case, you or your lawyer may need to go to additional hearings.

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John Pawl
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John Pawl

I have learned most important news from this site! thanks.