Bankruptcy is an option that can help you ease your debts. You may find yourself in a position where you can no longer pay the debt due to a change in your life, such as a divorce, job loss, medical costs, and other reasons. Don’t wait until the last minute to apply; Many times, people try to hold on and their financial situation becomes more difficult. Once you’ve decided that you can no longer meet your obligations, it’s time to visit a bankruptcy attorney and discuss your options.
You don’t need to hire a bankruptcy attorney, but it can be a confusing and time-consuming process, and it’s best to have someone with experience and knowledge on your side. When you visit your attorney, you will discuss a number of things, including your current situation, your creditors, whether filing Chapter 7, 11, or 13 is the best fit for your situation, and more. Your attorney will take time to answer your questions and there will be paperwork to complete. Your first visit is generally for exploratory purposes, and after your bankruptcy attorney has all the facts, it may take time to evaluate the best course of action.
Once you have gathered all of your information and decided what type of filing is best for your situation, your attorney will begin working on your Petition and Exhibits, which is the paperwork that summarizes your financial situation and your creditor information. This paperwork is very important and mistakes can make it harder for you. Your bankruptcy attorney will also ensure that the Petition and Exhibits are accompanied by supporting documentation.
After completing all of your paperwork, your bankruptcy attorney will file a bankruptcy case with the court. You will be assigned a hearing in which a bankruptcy officer will review all the material and a decision will be made regarding your discharge, unless they find that more information is needed or that you do not qualify. Of course, having an experienced bankruptcy attorney increases the chances of a favorable outcome, as they have already evaluated your case and are familiar with the documentation that will be required.
Filing for bankruptcy can put you in a better position to manage your finances and regain some stability in a life that may have been out of control. If you think that filing for bankruptcy can help your situation, make an appointment with an experienced bankruptcy attorney and go over your options.