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If you are in deep financial trouble and are considering filing for bankruptcy, then you should hire a knowledgeable bankruptcy attorney that can guide you car process.

Here is what ones bankruptcy attorney will do after getting contacted them.

Your Attorney Will Ask For any Relevant Papers

You will first need to go for mandatory credit counseling 6 months prior to filing for bankruptcy.

The proof of that counseling, along with other financial papers (say for example list of all your debts, expenses, income and possessions), will have to become provided to your bankruptcy attorney before they are able to proceed.

They will study your documentation and then advise you on the best way out of your finance predicament.

Your Bankruptcy Attorney Will then Decide On the Relevant Chapter

Based on ones financial records, your bankruptcy attorney will come to a conclusion concerning which chapter is more suitable for your situation.

If you have exhausted your sources of income, then you might be advised to file for bankruptcy under chapter 7. For those who have a reduced source associated with income and would also wish to save most of your assets, then your attorney might help you to file under chapter 13.

If you own a business and you ought to continue running it, then you might file for bankruptcy with chapter 11.

Your Attorney Will assist you to with the 'Means Test'

If you're filing for chapter 7 chapter 13, then your bankruptcy attorney can help you calculate your gross and net income for the previous 6 months. That income will be compared to the average median income of a similar-sized family in your neighborhood.

If you do are eligible to file under Page 7 bankruptcy, then your attorney will coordinate which has a trustee appointed by this bankruptcy court in disposing your assets in order to pay off your collectors.

If your income surpasses "means test" guidelines for qualifying filing a Chapter 7, then your attorney will now take over to shift their focus on filing for bankruptcy under chapter 13, which requires a new repayment schedule.

This schedule will assist you to clear your old debts over a period of 3 to 5 years.

Your Bankruptcy Attorney Can Draft a New Schedule for any Court

If you need to file for bankruptcy under chapter 13, in that case your attorney can draw up an alternative repayment schedule and get it approved by the court after arranging a meeting with your creditors.

Once the repayment strategy is approved, then you have got to start your payments according to that schedule.

Your Attorney Can help you Avoid the Pitfalls

Filing for bankruptcy might be a complicated affair - and you should probably be too worried to become thinking straight.

An efficient bankruptcy attorney can calm you down and indicate the pitfalls and advantages of filing for bankruptcy with different chapters after studying your case.

Hiring an attorney can save you a lot of time and effort. They is going to do the legwork involved to help close your case in the earliest possible time.

A highly skilled, knowledgeable bankruptcy attorney can be a vital asset to have in your favor when you are facing financial difficulties and thinking of filing for bankruptcy.

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