Many people question whether or not they really need to hire a bankruptcy attorney to simply file their petition with the court. If you have found yourself asking this same question, you should know that there is much more to the services that a bankruptcy attorney provides. In fact, filing your paperwork with the court is perhaps the smallest portion of their overall job. Continue reading to learn more about just some of the many other services you can expect your bankruptcy attorney to provide.
Selecting The Right Debt Relief Option For You
There are many different options available when it comes to debt relief. For instance, you have the option of establishing a payment plan with each of your creditors. You can also choose to take advantage of a debt consolidation loan. In the event that you ultimately choose to file for bankruptcy, you will also find that there are several different types of bankruptcy relief that you can petition the court for, including Chapter 7 and Chapter 13 bankruptcy. When hiring a bankruptcy attorney, you can expect this lawyer to take the time to explore all of your options with you and help you to determine which option is best for your current financial situation, as well as for your financial future.
Organizing All Of Your Debts And Informing Your Creditors
Before you file any paperwork with the court, you will first need to take the time to organize all of your debts. You will need to collect information such as the name of each creditor, the amount owed, and the current status of each account. You will also need to provide information regarding any collateral which may have been used in order to secure a debt. All of this information will be used by the court in order to determine which of your debts are eligible to be discharged.
Once you have officially filed paperwork with the court, you will also need to inform each of the creditors on your list that you have filed for bankruptcy. Once this notification has been made, your creditors will no longer be able to legally attempt to collect a debt from you until after the court has issued its decision. Having your attorney make these notifications in writing will help you to establish a clear paper trail that can be referenced in the event that your creditors illegally try to contact you.
Organizing And Protecting Your Assets
In addition to providing the court with detailed information regarding your debts, you will also need to provide equally detailed information concerning your assets. This information is used to determine which assets are protected under the law and which assets must be used to pay your creditors. A bankruptcy attorney from a firm like Martinez Law Firm will be able to help you collect the necessary information and advise you on what steps need to be taken in order to protect as many of your assets as possible.
Share11 March 2022
