Why Should You Rely on Bankruptcy Attorneys to Come Out of Financial Mess?

Bankruptcy is certainly a complicated procedure which necessitates a host of crucial decisions right from filing bankruptcy till your debts are all discharged and the process comes to an end. A competent bankruptcy attorney would be guiding you through the mind-boggling maze of paperwork, decisions, and procedure that is typical of the bankruptcy filing, be it chapter 13 or chapter 7. Right at the very beginning, you would be requiring the services of a reliable bankruptcy lawyer for counseling you efficiently on the bankruptcy issue and to tell you if the process is suitable for your specific financial status. He would be examining your assets and debts and determining if it is the right path toward improvement in your financial circumstances. Personal bankruptcy could be a huge emotional and intimidating decision. Whether you had unemployment issues, health issues, years of misfortune or plain bad judgments that led you toward this financial crisis, opting for bankruptcy relief could be pretty stressful.

The Pivotal Role Played by Bankruptcy Attorneys

Bankruptcy attorneys have the necessary qualification and proficiency for counseling you, negotiating your case via the existing bankruptcy laws and providing you with a way to come out of this financial mess either by the elimination of all your existing debts as per chapter 7 bankruptcy or reorganization of your debts as per chapter 13 bankruptcy. A bankruptcy lawyer is known to play a pivotal role and as such, has multiple responsibilities. Here are some of the most important ones.

Provides Initial Consultation

Your bankruptcy attorney provides an initial consultation to you regarding your financial state. He evaluates meticulously your existing financial scenario, understands your financial objectives and discusses the different debt relief options that are available to you. Your attorney would also be determining if bankruptcy is the best option under the circumstances and if yes, then which one chapter 7 or chapter 13. He would also, be discussing clearly regarding his fees and the type of payment plans he has in mind. Get in touch with The Ballard Law Group for some of the best bankruptcy attorneys.

Deals with Your Creditors

Once you have hired the services of a bankruptcy attorney, he would be typically accepting all the collection calls and he would handle their queries and suggestions on your behalf. Even though your creditors have the right to contact you legally, they usually, stop disturbing you once they know that you are adopting the bankruptcy way to financial freedom.

Prepares and Files Your Bankruptcy Petition

The main work done by a bankruptcy attorney is preparing, typing, as well as, filing the bankruptcy petition on your behalf. These forms are pretty exhaustive and could comprise around 30 to 60 pages. Your attorney allows you to browse through the petition before filing it just to make sure that there are no apparent mistakes in the petition and all your creditors and assets are listed.

Prepares You for 341 Meeting

Once the bankruptcy is filed, you must attend a 341 Meeting that is usually scheduled around 30 to 45 days after the petition has been signed and filed. Your bankruptcy attorney would be discussing any potential matters and assist you in preparing for any likely questions the trustee may come up with.

Conclusion

Your bankruptcy attorney plays a crucial role in helping you get out of this financial distress. Apart from the multiple responsibilities mentioned above, your attorney would also be filing the Reaffirmation Agreement on your behalf. The reaffirmation agreement is nothing but a contract that lets you retain the terms & conditions present in the current contract that you may have along with a creditor. Moreover, your attorney could appear in court on your behalf as per local bankruptcy rules.

Charlie Brown is a freelance content writer. He has written many articles on different categories like Technology, fashion, finance, travel, health, etc. To know more about him, please his blog.