Your financial status is already in a poor state, and hiring a bankruptcy lawyer may make things worse, or is it? Your case may be easy to put together, and that’s okay. However, bankruptcy rules can get complicated if you don’t know your way around the legal process. Instead of saving you money for the new beginnings, bankruptcy cases gone wrong could even land you in jail for fraud.

Additionally, there are multiple laws governing bankruptcy in the United States, and you’re going to need an expert to help you navigate your filing.

 

1. Efficient planning

The end of the road only evokes one thing: filing for bankruptcy. But unknown to many, there are alternatives to bankruptcy that will still achieve what you are looking for. And who else than a bankruptcy attorney would know that?

Secondly, there are two types of bankruptcy,  outlined in Chapter 7 and Chapter 13 of the Bankruptcy Code. Both meet different objectives and purposes, and attorneys have dealt with various bankruptcy cases knowing the best for certain circumstances.

 

2. Proper Preparation

A successful bankruptcy case calls for preparation without leaving any stone unturned. We assure you someone somewhere may be out to ensure the courtroom feels very different about your situation. The following are ways an attorney will be helpful:

• Your bankruptcy attorney will utilize the means test calculation to establish if you are suitable for Chapter 7 or can make some payments, which falls on Chapter 13.
• A professional will help you in the valuation of your property. You bought your furniture set years ago; you probably have no idea what it would cost now.
• Since every state has its exemptions on keeping property after bankruptcy, a lawyer will determine and choose the exemptions that favor your circumstance.
• Did you know that all debts are not dischargeable? It is especially true when you have to level up to certain conditions first. The good thing about hiring a bankruptcy attorney is they will tell you about the applicable debts for discharge and those that will sit through your case.

 

3. Making your work effortless during the proceedings by:

• Handling the paperwork

A bankruptcy case involves filling pages and more pages of your financial information, be it income, expenses, debts, assets, expenses, and even up-to-the-minute transactions. An attorney will advise on property valuation, what must be disclosed, the rational and essential expenditure, and many more.

• Professional guidance

The attorney will help you understand the steps for discharge, the roles that a bankruptcy trustee and judge play, and inform you of the possible actions from creditors. Once you sign the penalty of perjury, your attorney will ensure your testimony is complete and valid, whether at the creditors’ meeting or the courtroom.

• Manage any violations from creditors

If your creditors can’t get over losing money due to your case, they may try to collect their dues, which could violate the automatic stay. The good news is your attorney will request the court to hold them in contempt or ensure compliance.

They will also make negotiations with creditors. For instance, for chapter 7, the attorney may get you a redemption with secured creditors to help you retain your house or car. With chapter 13, the attorney can negotiate the valuation of collateral property, terms of payments, and the interest rates for affordability.

Besides, if the circumstances change, an attorney will assist you in requesting the court for adjustments, temporary or permanent, to the payment plan.