Just from the mention of it, the term bankruptcy can give shivers to anyone with the slightest ideas of what it means. However, it shouldn’t scare you off if you know how to go about it from start to finish. It’s even best to look at it as the road to financial relief and renewal. Well, as you might have guessed already, filing bankruptcy requires you to work with an experienced attorney side by side. In this piece, we will take a look at 3 ways a bankruptcy lawyer can help you. Let’s get right to it.
1. Bankruptcy Preparation
Filing for bankruptcy is not an easy resolution. You can’t go through this strenuous road on your own. Hiring an attorney is always wise. Remember, bankruptcy is a legal process that comes with long-term financial effects. It calls for extreme caution and keenness every step of the way. It can also be a complex process, meaning that it requires a high level of expertise and adequate preparation. For this reason, the legal partners from Amourgis & Associates insist on working with an experienced bankruptcy attorney from the word go. After ascertaining that bankruptcy is your best financial relief option, your lawyers will help make adequate preparations to ensure a smooth sail all the way.
Essentially, the bankruptcy attorney will help you prepare all the necessary documents and information that could be needed in court. During the preparation process, you will be required to reveal your income and assets to the attorney. This will help your attorney determine whether you qualify for chapters 7 or 13. This information will also help your lawyer to determine any assets that you would protect from creditors and bankruptcy trustees. He will also determine whether there are other debt-relief options for you to explore instead of filing bankruptcy.
2. Represents You During the Case
While facing a bankruptcy case, selecting the best lawyer can be the difference between an eventual bounce back or a life of misery and pain. While filing for bankruptcy, the last thing you want to flash into your mind is that you will be denied. Hiring a bankruptcy attorney comes with tremendous benefits. You want to hold on to as many assets as possible.
Having the lawyer to represent you will ensure all the testimonies are correct. You will also need an experienced attorney to guide you in the court process. The attorney will ensure all the evidence submitted at the court is accurate. He will also represent you at the creditors’ meeting and any other hearing. He will be in a better position to mitigate and influence your case. When you hire an experienced attorney, they can negotiate the fairest repayment plan for you and actually get it. As earlier mentioned, these are not the kinds of cases you can walk into alone. You need strong legal representation to maneuver around bankruptcy cases and get the best results.
3. Help with Property Valuation
Assigning a value to your asset can be a taxing task. Nonetheless, depending on the type of bankruptcy you are filing, you are required to reveal your wealth, including income and all assets owned. A bankruptcy lawyer will help you value your assets reasonably so you can get the best debt relief solution during the hearing. For instance, if it’s a car, home theatre, TV, and so forth, the lawyer will help ensure the right figures are captured. In most cases, they work alongside accountants and property valuers, most of whom are part of their team or close associates.
Remember, having a precise valuation will help you to determine whether you can safeguard your home during bankruptcy. The attorney will also help deduct the balance you have on the mortgage to adjudge the equity. If the equity is lesser than the amount of home protection available, then you might save your house or assets. Retaining your property will depend on your capacity to protect all its equity. The attorney will guide you on how to fill and complete various forms, giving you the guidance and support you need as you go through the bankruptcy process.
In a nutshell, bankruptcy attorneys are quite instrumental when seeking debt relief through a bankruptcy filing. They provide you with the necessary legal counsel and help you make preparations to see the process through. They help protect you from harassment by creditors and ensure that your chosen property is protected from foreclosure or auction. They also provide advice on steps you could take to keep other financial instruments protected such as trusts and different legal entities.