From SC2.0
If you are within deep financial trouble and are considering filing for bankruptcy, then you should hire a well-read bankruptcy attorney that can guide you car process.
Here is what your bankruptcy attorney will do once you have contacted them.
Your Attorney Will Ask For all your Relevant Papers
You will first need to go for mandatory credit counseling 6 months prior to filing with regard to bankruptcy.
The proof of this counseling, along with other financial papers (say for example list of all your debts, expenses, income and means), will have to become provided to your bankruptcy attorney before they can proceed.
They will study your documentation and then advise you on the simplest way out of your finance predicament.
Your Bankruptcy Attorney Will then Decide On the Relevant Chapter
Based on ones financial records, your bankruptcy attorney will come to a conclusion concerning which chapter is more suitable for your situation.
If you have exhausted your sources associated with income, then you might be advised to file for bankruptcy under chapter 7. If you have a reduced source associated with income and would also like to save most of your assets, then your attorney might help you to file under chapter 13.
If you own a business and you want to continue running it, then you might file for bankruptcy under chapter 11.
Your Attorney Can help you with the 'Means Test'
If you are filing for chapter 7 individual bankruptcy, then your bankruptcy attorney will assist you to calculate your gross and net gain for the previous 6 months. That income will be than the average median income of a similar-sized family in your town.
If you do qualify to file under Page 7 bankruptcy, then your attorney will coordinate with a trustee appointed by the bankruptcy court in disposing your assets in order to pay off your collectors.
If your income exceeds "means test" guidelines with regard to qualifying filing a Section 7, then your attorney will are in possession of to shift their attention to filing for bankruptcy under chapter 13, which requires a new repayment schedule.
This schedule will help you clear your old debts for a period of three to five years.
Your Bankruptcy Attorney Can Draft a New Schedule for any Court
If you need to seek bankruptcy relief under chapter 13, in that case your attorney can draw up an alternative repayment schedule and have it approved by the court after arranging a meeting with your creditors.
Once the repayment plan is approved, then you have got to start your payments according to that schedule.
Your Attorney Will assist you to Avoid the Pitfalls
Filing for bankruptcy might be a complicated affair - and you should probably be too worried to remain thinking straight.
An efficient bankruptcy attorney can calm you down and explain the pitfalls and advantages of filing for bankruptcy under different chapters after studying your case.
Hiring an attorney can save you a lot of time and effort. They will do the legwork involved to help close your case at the earliest possible time.
An experienced, knowledgeable bankruptcy attorney can be a vital asset to have on your side when you are facing financial difficulties and thinking of filing for bankruptcy.
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