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Bankruptcy Attorney: Specifics of hiring a professional in 2021

The question you are asking yourself now is whether you need to hire a professional to solve your bankruptcy problems. And the answer is yes. However, before you trust your complicated situation to an attorney, you have to make sure that the person is highly qualified. The DebtStoppers website offers a wide range of professional services in this area. Meanwhile, before you order their services, you have to decide whether you are filing Chapter 13 or Chapter 7 bankruptcy.

Main Tasks of Bankruptcy Attorney

The specialist may help you in one of the most difficult situations. A bankruptcy attorney definitely will not pay your bills, but at least you will receive accurate data on your current financial situation. This analysis may help you to understand which expenses you may cut and how you can save the business. You may ask for advice on your possibilities, including whether it is better to file for bankruptcy and which type of it. You may consider filing for:

  • Chapter 7 type comes with confiscation of almost all the assets you have except for some small sums. Yet, this bankruptcy covers almost all debts you have;
  • Chapter 13 type lets you own a specific amount of personal assets, including a house and a car. You create the plan of partial repayments to the creditors for an established period of time.

You can decide which type is preferable to you. You may also ask your attorney to compare the data and find the most beneficial option. After you do it, a bankruptcy attorney will have to help you with the following steps:

  • To set up the appearances at the court and submit the list of creditors you have;
  • Help you to organize and attend the counseling session in the pre-bankruptcy period. After bankruptcy is established, your attorney will help you with a post-bankruptcy management course;
  • You may also ask your attorney to help you with submitting the fees that are required to add the documents to the court.

You can try to do it all by yourself. However, there is lots of work behind it, and in a stressful situation like this, you can make numerous mistakes. Pay attention to the fact that you can simply be unfamiliar with procedures.

Reasons to Hire an Attorney

A bankruptcy attorney quickly becomes one of the closest people to you during the whole bankruptcy process. It is highly important not only to trust this person blindly but also to be familiar with all the stages of the process. You have to make sure that your attorney is a real specialist that acts in your interests only. Check out the reasons you should hire professional help:

  • The help with deciding on the type of bankruptcy. As it was said before, it is highly important to find which type of bankruptcy to file. Chapter 7 requires specific conditions for it. The attorney helps you to calculate your possible expenses during Chapter 7 and Chapter 13 and find the best solution. The specialist will quickly calculate your monthly income, the debt amount, state income and recommend future actions;
  • Help with the means test application. This test can help you to decide which chapter to apply for. An attorney may help you to pass this test with ease. There are lots of tricks to consider, including the help insurance for a family;
  • Paperwork on bankruptcy. Once you decide to file for bankruptcy, there will be lots of paperwork. You will have to complete forms on debts, financial transactions, assets, expenses, and income. Professional is already familiar with the pack of documents you have to file, the specifics you have to mention there. The attorney will help you to calculate the numbers, expenses, and income. You may also ask for help with completing the forms and submitting them;
  • The 341 meeting help. You will have to attend the meeting that is usually held between debtors and creditors once you file Chapter 7 bankruptcy. The name is for the code of bankruptcy. During the meeting, there will be numerous questions asked by the trustee. An attorney can prepare you for them in advance. The answers are incredibly important for the meeting’s outcome;
  • Valuation of assets. If you are not aware of how much your car or house costs on the market, you can ask your attorney. The price changes during the year, and you have to find out how much of your debt can be paid. The attorney may help you to evaluate the assets and represent them in court. Still, there will be a perjury penalty;
  • Use the exemption law to your advantage. The state law usually helps to protect the person who files for bankruptcy. You don’t lose everything no matter which chapter you file for. However, you have to find out how much will be left after the bankruptcy. An attorney will help you to keep as much as possible with the help of exemption laws;
  • Reaffirmation agreement. You may save the car and house with the help of the agreement while filing Chapter 7 type. An attorney can negotiate on your behalf with the creditors to help you.

Solve Your Problems with a Pro

Your case may require bankruptcy papers or not, depending on your particular situation. The bankruptcy attorney will carefully check your situation and suggest a proper option. If your financial problem is not that complicated, a bankruptcy attorney will help you to find a better solution. No matter what you choose, make sure you hire a professional.

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