What You Should Know About Bankruptcy Attorneys
If you have to file for bankruptcy, it is a good idea to get help from a lawyer. They will be there with you every step of the way, from first deciding what type of bankruptcy to file, to actually submitting the paperwork. Here are some things to know about bankruptcy attorneys and why they can be so beneficial to you.
They Help You Choose the Right Type of Bankruptcy
The first thing a bankruptcy lawyer is going to do is help you decide which form of bankruptcy will be best for your situation. There is not just one type of bankruptcy, but multiple types for personal reasons, including chapter 7 and chapter 13. If you chose chapter 13, you would use your current money and savings to start paying back your individual debts. The attorney would help you get this set up and decide which debts should be paid first. With chapter 7, the attorney helps you file for it and completely discharge some of your debt. They will attempt to help you save as much of your assets as possible.
The Attorney Prepares the Paperwork
A big part of filling for bankruptcy is preparing the paperwork. Not only will you need to know how to file for the right type of bankruptcy, but there is a lot of documentation and records you need to give the courts when applying. Not everyone who applies for bankruptcy will have it approved, so it is helpful to have an attorney helping you from the very beginning. They will help you gather financial documents that show your debt and income, proving that you don't have enough income to pay off your debt without bankruptcy. The attorney will complete the application and paperwork for you, and often turn it in to the courts as well.
They Are Bankruptcy Experts
The attorney can help you before, during, and after filling for bankruptcy. Before you file, they not only help choose the type of bankruptcy, but will look at your debt and provide some financial and legal advice. An attorney that specializes in bankruptcy often knows more about the entire process, along with financial situations that get to this point. They might be able to give you valuable advice whether you decide to go through with the bankruptcy or not. After filing, they will also oversee debt management and provide further information that helps you avoid filing again in the future.