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Aus Salespoint
If you are within deep financial trouble and are considering filing for bankruptcy, then you should hire a well-read bankruptcy attorney that can guide you through the entire process.
Here is what your bankruptcy attorney will do after you have contacted them.
Your Attorney Will Ask For all your Relevant Papers
You will first ought to go for mandatory credit counseling 6 months prior to filing with regard to bankruptcy.
The proof of that counseling, along with other financial papers (say for example list of all your debt, expenses, income and assets), will have to be provided to your bankruptcy attorney before they are able to proceed.
They will study your documentation and advise you on the best way out of your financial predicament.
Your Bankruptcy Attorney Will Decide On the Relevant Chapter
Based on ones financial records, your bankruptcy attorney will come to a conclusion with regards to which chapter is more suitable for your situation.
For those who have exhausted your sources associated with income, then you might be advised to seek bankruptcy relief under chapter 7. For those who have a reduced source involving income and would also love to save most of ones assets, then your attorney might advise you to file under page 13.
If you own a business and you intend to continue running it, then you could file for bankruptcy with chapter 11.
Your Attorney Will assist you to with the 'Means Test'
If you are filing for chapter 7 individual bankruptcy, then your bankruptcy attorney can help you calculate your gross and net income for the previous 6 months. That income will be than the average median income of a similar-sized family in your neighborhood.
If you do qualify to file under Page 7 bankruptcy, then your attorney will coordinate using a trustee appointed by that bankruptcy court in disposing your assets in order to pay off your collectors.
If your income surpasses "means test" guidelines with regard to qualifying filing a Chapter 7, then your attorney will now have to shift their focus on filing for bankruptcy with chapter 13, which requires a new repayment schedule.
This schedule will assist you to clear your old debts on the period of 3 to 5 years.
Your Bankruptcy Attorney Can Draft a New Schedule for the Court
If you need to seek bankruptcy relief under chapter 13, then this attorney can draw up a new repayment schedule and get it approved by the court after arranging a meeting with your loan companies.
Once the repayment plan is approved, then you have got to start your payments according to that schedule.
Your Attorney Will assist you to Avoid the Pitfalls
Filing for bankruptcy is a complicated affair - and you will probably be too worried to be thinking straight.
An efficient bankruptcy attorney can calm you down and discuss the pitfalls and greatest things about filing for bankruptcy with different chapters after analyzing your case.
Hiring an attorney can save you a long time and effort. They is going to do the legwork involved to close your case at the earliest possible time.
A highly skilled, knowledgeable bankruptcy attorney can be a vital asset to have on your side when you are experiencing financial difficulties and considering filing for bankruptcy.
