Bankruptcy is not something to be taken casually, it is not the solution to all of your debt problems, and it is not something you should attempt on your own. The money you spend on a bankruptcy attorney will be money well spent because of their experience and expertise. They know precisely what documents to submit, when to file them, and the steps necessary to successfully file for bankruptcy.
Therefore, here is what you and your attorney can expect when filing for bankruptcy.
Your lawyer will submit a petition. This petition details all of your obligations. This petition will also specify the form of bankruptcy that is being filed, such as Chapter 7, Chapter 11, Chapter 13, or any other type. The new laws have greatly complicated and complicated this petition. Your best option is to have your attorney prepare and submit the petition on your behalf.
The following stage is known as the automatic stay. This means that your creditors are notified of your bankruptcy petition, typically via traditional mail service. This law prohibits your creditors from pursuing any action regarding the debt you owe. During this period, creditors are typically prohibited from contacting you or calling you in relation to debt collection.
Your attorney and you must now meet with your creditors. It is essential to realize that in the majority of cases, your creditors will not attend this meeting. This meeting will consist solely of you answering questions posed by the trustee who has been appointed to supervise your bankruptcy case.
In accordance with the new federal laws, you are now required to complete a credit counseling course. This must be conducted with a credit counseling agency that has been deemed credible by the United States Trustee. In most cases, this must be done before filing for bankruptcy. Again, your attorney can provide you with all applicable state-specific details. Even if you filed for bankruptcy for a reason other than financial mismanagement, as the majority of people do today, credit counseling is still required.
Going through a bankruptcy proceeding on your own can and will be extremely difficult and complicated. If you do not seek the assistance of a qualified bankruptcy attorney, you may make an error, miss an essential step, or make another type of error that could prevent you from filing bankruptcy at all. At the very least, it could require you to start from scratch, which would be a waste of your time and money.""
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