If you are considering filing for bankruptcy, you should first discuss all options available with a bankruptcy lawyer. There are many options to be explored before one files bankruptcy, and a bankruptcy lawyer can go over the pros and cons of every option before you file Chapter 7 or Chapter 13.
One option a bankruptcy lawyer can assist you with would be dealing with a payment plan that satisfies your creditors. A competent bankruptcy lawyer can work with your creditors to develop a plan that is affordable enough to meet any budget. This will also keep creditors from harassing you about missed or late payments.
Creditors will be satisfied with most payment plans that are presented to them by a bankruptcy lawyer, because it shows the good faith effort that one is making an attempt to pay of their debts before resorting to bankruptcy.
If a bankruptcy lawyer can not develop a suitable plan for his or her client then he or she can advise the client about which form of bankruptcy would be in the client’s best interest.
A bankruptcy lawyer can file a Chapter 7 bankruptcy for clients. This type of bankruptcy allows one to liquidate assets and property to pay off creditors. When filing a Chapter 7 bankruptcy, one is not required to sell all of their property. A person is able to retain enough for financial stability once the proceedings have been completed.
A competent bankruptcy lawyer would handle the task of filing for the bankruptcy, obtaining documents to prove assets and worth and work with creditors to pay of as much debt as possible from the liquidation proceeds.
If one chooses to file a Chapter 13 bankruptcy, the bankruptcy lawyer can handle the proceedings for these cases as well. A Chapter 13 bankruptcy allows a person 3 to 5 years to pay off his or her creditors following a payment plan set by the presiding Judge.
The bankruptcy lawyer would gather the paperwork required to show how much a person’s earnings are and how much would be a reasonable payment each month.
Bankruptcy does not cover all types of debts, and if one is not sure if a debt is covered if one were to file bankruptcy then they should consult with a bankruptcy lawyer for clarification.
In both types of bankruptcies, both 7 and 13, a trustee is appointed to handle overseeing the payments or liquidation of the assets. If one hires a competent bankruptcy lawyer, he or she would be able to ensure that one has a trustee that is reliable when handling claims.
Before filing for bankruptcy, one should always consult with a bankruptcy lawyer to ensure that there are no other alternatives available that one can pursue. Bankruptcy lawyers handle more than just bankruptcy cases; they also assist in helping a client work with creditors if a client is hesitant about filing bankruptcy.
If one has filed for bankruptcy then a competent bankruptcy lawyer can also provide advice on how one can re-establish good credit. There are quite a number of things one can do to re-build their credit.
If you are in debt, then you certainly should contact a bankruptcy lawyer about your financial problems. He or she can work with you to eliminate your debt using one or more methods. If bankruptcy is considered as your only option, then he or she can handle the bankruptcy proceedings for you. By contacting a bankruptcy lawyer and turning one’s financial troubles over to him or her, one can live knowing that the stress of their debt is being lifted.