How a Bankruptcy Lawyer Helps

A bankruptcy lawyer is not required by law in bankruptcy filing cases but they can help to simplify the process of filing with the bankruptcy court. Bankruptcy is defined as the inability of a debtor to pay their creditors because of a lack of finances. Individuals and corporations can file bankruptcy either voluntarily or involuntarily. Voluntary bankruptcy is when the individual or corporation decides to file on their own while involuntary bankruptcy is when the creditors of a debtor file a bankruptcy petition against the debtor. The two most common forms of bankruptcy are Chapter 7 and Chapter 13 for individuals and Chapter 11 for businesses. Anyone that is filing for bankruptcy, no matter what type, should consider hiring a bankruptcy lawyer. A bankruptcy lawyer can provide many services that a party filing for bankruptcy and representing themselves cannot.

Services a Bankruptcy Lawyer Provides

  • The services that a bankruptcy lawyer provides are numerous and they include but are not limited to:
  • A lawyer will help to determine whether or not a party should even file for bankruptcy. A bankruptcy lawyer will sift through a party's records and financial status and determine whether filing for bankruptcy will help or cause even more problems financially.
  • A lawyer will be able to determine whether or not the individual should file for Chapter 7 or Chapter 13 bankruptcy. Both types of bankruptcy are different and a lawyer will know the differences and if they pertain to the individual or not.
  • A bankruptcy lawyer will acquire all of the necessary forms needed to file for bankruptcy and will help fill them out and make sure they are submitted to the proper authorities by the required deadline.
  • A bankruptcy lawyer will stay up to date on any changes involving bankruptcy law and how it affects the way an individual can file.
  • A bankruptcy lawyer will know the differences in bankruptcy law from state to state as well as the fee it costs to file for bankruptcy. Most fees cost roughly $1,700 per filing.
  • A bankruptcy lawyer will attend the meeting of creditors with the individual filing to make sure that the creditors are practicing legal and fair negotiations.

A bankruptcy lawyer will also help to protect the debtor from being harassed by the debtor's creditors. Once a debtor files for bankruptcy they are to contact their creditors and inform them of the filing. Once the creditors have been notified of the filing they must stop trying to obtain payment from the debtor immediately.

A bankruptcy lawyer will protect a debtor from what he or she does not know. There is a statute of limitations placed on different forms of debt. Some debts have a statute of limitations of 15 years. If the debt is 15 years or older it cannot be filed in a bankruptcy case. A lawyer will inform their client of this and save them from wasting their time and money.

When filing for bankruptcy a bankruptcy lawyer will be able to simplify the process and help to alleviate the stress associated with the filing procedure.

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