Filing for bankruptcy is a major financial decision that holds the possibility of providing you with substantial debt relief. However, this complex process can also serve to worsen your financial situation if you do not navigate the process successfully. That is why it is so important for you to hire a bankruptcy attorney to represent you in these proceedings. Below you will learn more about the services you can expect these legal professionals to provide all the way from the start of the bankruptcy process up until its conclusion.
Figure Out If Bankruptcy Is Really Right For You
The fact of the matter is that bankruptcy is not the right solution for every person facing a significant amount of debt. Furthermore, not every person who files for bankruptcy will qualify for the same type of bankruptcy relief. For example, individuals with a higher-than-average income over the past year will not qualify for Chapter 7 bankruptcy relief and will need to petition the court for a Chapter 13 bankruptcy judgment. The first thing that you can expect your bankruptcy attorney to do is thoroughly examine your financial situation in order to determine if filing for bankruptcy is the best debt relief option you have. If it is determined that you will in fact benefit from filing for bankruptcy, your attorney will then help you to determine what type of bankruptcy relief you will qualify for. This is typically done by performing a means test in order to determine whether or not you meet the income requirements for each different type of bankruptcy.
Assess Your Debts And Assets
Once you have chosen to move forward with the bankruptcy process, the next step will be to gather all the pertinent information regarding your outstanding debts, as well as your assets. This information is vital to determining which debts will need to be paid in full and which debts may be eligible for discharge. Your assets will also need to be evaluated in order to determine which assets you can protect from seizure and which assets will need to be sold in order to satisfy some of your debts. It is very important that this information is complete and accurate when submitting it to the bankruptcy court. That is why you can expect your bankruptcy attorney to work closely with you throughout this process in order to ensure nothing is overlooked.
Oversee The Execution Of Your Bankruptcy Settlement
Going bankrupt is not as simple as telling the court what debts you owe and having them declare that you are no longer responsible for paying these debts. In most cases, you will need to follow through with credit counseling courses, as well as make payments to your creditors in accordance with a court-ordered payment schedule. Bankruptcy relief will typically be granted only after you have completed this process. That is why the final service that you can expect your bankruptcy attorney to provide is to oversee this process and to provide the necessary documentation of its completion to the court.
For more information, contact a local bankruptcy law firm.