At the initial consultation, you should explain the situation to the bankruptcy attorney. Inform him or her of your debt situation and your desired outcomes. At that point, the attorney should be able to advise you on how to proceed for the best possible outcome. During this consultation, you should be able to determine the ideal chapter for you, such as chapter 7, chapter 13, or another alternative. The answer depends on your current income, your assets, and your ability to repay some of your creditors. Even if a legal professional recommends a particular chapter for you, you must still satisfy the requirements before filing.
During this procedure, you will undoubtedly have inquiries regarding the assets you can retain. This will vary based on the chapter you use and the items you possess. Typically, the court will allow you to retain your home, at least one vehicle, and a portion of your money. This is especially true if you intend to repay at least a portion of what you owe your creditors. However, if you own multiple houses, costly vehicles, and other unnecessary items, you can expect the trustee to sell them and distribute the proceeds to your creditors.
You will likely also have inquiries about your debts. You likely want to know that they will all vanish, but in actuality, not everyone will be eligible. Your bankruptcy attorney should be able to inform you of which debts will be discharged and which will remain outstanding. If you want your credit score to recover, you must remain current on the expenses that are not included in the calculation.
The good news is that most bankruptcy attorneys offer a free initial consultation to discuss these particulars. Throughout the procedure, you will likely still have questions, which you can ask your attorney as you go. Rest assured that you are not the first person to navigate this process, and if you hire a competent attorney, you should be alright in the end.""
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