See What A Bankruptcy Attorney Can Do For You In Various Stages Of The Legal Process

Posted on: 24 March 2023

Filing for bankruptcy is usually an emotional, confusing, long, and sometimes scary experience. Nonetheless, it's sometimes the only solution when having overwhelming debts. It helps you discharge your debts without being harassed by your creditors. But even as you file for bankruptcy, you should decide if you will do it alone or seek help from a bankruptcy attorney. Seeking legal help is a smart idea because the attorney plays a critical role in various stages of the legal process.

During the Planning Stage

When deciding to file for bankruptcy, you need a bankruptcy attorney to assess whether it's the right thing to do. Most people file for bankruptcy without consulting a lawyer just because they want debt relief. If you don't seek guidance, you could make mistakes that could hurt your credit for many years. However, you will unlikely get into problems when working with a bankruptcy law attorney because they will assess your situation before they proceed. They can even suggest other ways or options that could help you discharge your debts more efficiently. The lawyer also explains the two bankruptcy types and suggests the one that suits you best.

During the Preparation Stage

It's one thing to decide to file for bankruptcy, and it's another thing to get prepared for the legal process. A bankruptcy attorney does several things to help you get adequately prepared. For instance, they assess your financial capacity to determine a payment plan that's more appropriate for you. This also helps them decide whether you deserve a complete discharge of debts and if your case has extenuating circumstances that support or strengthen it. The attorney also ensures your belongings are accurately valued and presents the valuation report to the jury. Moreover, they explain the type of debts that bankruptcy could help eliminate and the property and belongings you can keep.

During Bankruptcy Proceedings

Filing for bankruptcy is usually tedious and intimidating, so you need help from a reputable legal representative. Usually, you are expected to disclose financial data, which includes your income, debts, recent financial transactions, expenses, and assets. The process involves a lot of paperwork and documents, which you can't handle properly alone. So you need a bankruptcy attorney to help you do it more accurately and offer legal guidance during bankruptcy proceedings. Moreover, the lawyer helps you manage creditors: they draft a cease-and-desist letter and send it to them. Actually, the lawyer asks the court to hold them in contempt or take legal action against them if they don't comply.


The Journey to Success

Ever since I was in college, I’ve been extremely interested in business. I like to follow and study what famous individuals do well or do poorly in their businesses and how they fix their mistakes. Recently I've been following different individuals who've faced various bankruptcy issues. Thankfully, they learned from their many past business mistakes. If bankruptcy had not been an option for them, who knows where these corporate role models would be today and how their businesses would be doing. On this blog, I hope you will learn how a bankruptcy attorney can help you improve your current financial situation.

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