How can you determine if you require a bankruptcy attorney? Consider the following inquiries:
Do you know which chapter of bankruptcy you intend to file? The majority of personal bankruptcies are Chapter 7 or Chapter 13 filings. Each option has advantages and disadvantages that an experienced attorney can explain. In addition, he or she can review your financial records and advise you on the appropriate filing method for your situation.
Do you know what property you'll be required to relinquish and what you can retain? This varies greatly from state to state, so it is essential to speak with someone familiar with the exemption regulations in your state. It could mean the difference between having transportation and being forced to sell your vehicle to pay off your debts. Usually, homestead exemptions enable you to keep your home, but jewelry, cash, and even furs can be seized in a bankruptcy proceeding. A bankruptcy attorney can assist you in compiling a list of assets and determining which can be retained. If you attempt to do this yourself and omit an asset, your petition may be returned to you and you will have to begin again.
Can you adequately prepare a petition for bankruptcy? There are petition forms that make it simple to submit a """"complete in the blank"""" petition, but they are so generic that they are nearly useless. No two bankruptcies are identical, and a competent attorney can complete out the forms with favorable information. A judge is also more impressed by a bankruptcy petition that has been professionally drafted. If you submit an incomplete or imprecise petition, the judge will reject it and you'll have to start from scratch.
Are you confident enough to represent yourself at a bankruptcy hearing? A bankruptcy attorney can guide you through the entire bankruptcy procedure. He or she will accompany you to the bankruptcy hearing and represent you during court interrogation. Although the hearing is typically rather straightforward, many individuals find it to be a stressful experience. Having a bankruptcy attorney on your side will provide you with confidence. If you are asked an unexpected query, your attorney will advocate for you and advise you on how to respond. Why would you represent yourself in bankruptcy court when you wouldn't do so in civil or criminal court? A bankruptcy attorney can make a significant difference in the way your case is handled.
5. Are your creditors harassing you? If so, the law requires them to cease contacting you for payment as soon as the bankruptcy petition is filed. Your attorney can contact all of your creditors on your behalf, relieving you of the responsibility of explaining the situation to a multitude of creditors, some of whom may be unhappy. A bankruptcy attorney will send each creditor a letter and will follow up with those who do not comply, reducing your tension.
Declaring bankruptcy is traumatic and difficult. Hiring a bankruptcy attorney can provide you with the knowledge necessary to file without making any errors.
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