What Does The Bankruptcy Lawyer Do?
It can be stressful when you are declared bankrupt. Luckily enough, there are bankruptcy attorneys that help to negotiate your case in the bankruptcy laws. They also offer you a guide to either reorganize your debts in Chapter 13 or get rid of every debt in the Chapter 7 bankruptcy. So what should you expect from your bankruptcy lawyer?
Roles of bankruptcy lawyer
Assessing and consulting
When you meet the lawyer for the first time, they will need to carry out a detailed assessment of your financial status. This allows them to comprehend your financial objectives and discuss with you the debt relief choices that are available. After assessing your case, the attorney will determine if you should file bankruptcy. They will also determine the suitable bankruptcy Chapter to file. Handle the creditors Once the lawyer determines that filing bankruptcy is the best option, they will proceed to take over the demands from the creditors. This doesn’t mean that the creditors will stop calling you, but most often, they will communicate with the attorney.
Prepare the paperwork/petition
The entire bankruptcy filing entails lengthy forms that can be challenging for a regular person. That is why you have the bankruptcy lawyer to help you with it. The attorney will be equipped with specialized software, which prepares and files the paperwork to be used in the court. Here, the attorney will ask for every relevant information that will be included in the forms. Even as the lawyer prepares the paperwork, they should confirm with you occasionally to ensure everything is accurate.
Preparing you for the 341 Meeting
This is a meeting that is held between you and the creditors or trustees. Also, it takes place between thirty and forty-five days after the court has approved the bankruptcy petition. Before attending the meeting, the attorney will discuss any relevant issue that will help you prepare for it accordingly.
Handle reaffirmation agreements
It is the duty of the bankruptcy attorney to review, negotiate, and sign the reaffirmation agreements on the protected properties you wish to keep. The protected/secured property is a debt that is linked to a specific collateral, like a house or your car. The reaffirmation agreement allows you to pay off the debt but still retain your property. The bankruptcy lawyer will help make the entire bankruptcy filing easy. Before you hire any bankruptcy attorney, ensure that they are reputable and very much reliable. Experience and skills are always great factors to consider when selecting an attorney for you bankruptcy case. Choose wisely to enjoy all the benefits that come with them.