No one plans on filing for bankruptcy, although sometimes things happen in life that require them to do so. When you are getting ready to file for either Chapter 7 or Chapter 13, it will be important that you sit down and meet with a bankruptcy attorney. This individual is going to be able to provide you with an in depth look at this process and they will be able to sit down with you and go over your debts as they decide which style is going to be best for you.
While you are going through this process, it is important that you understand that a basic jack of all trades attorney may not be the best option for you. The bankruptcy attorney will have a great level of knowledge on this particular part of the legal system. While an all inclusive attorney will have some knowledge, you are going to find that when you are filing for bankruptcy, having a specialist in bankruptcy law will be a benefit to you.
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As part of this process, you are going to find that the attorney who works with you is going to cover both types of bankruptcy as well. It is going to be important that you understand that when you are filing for bankruptcy that the right type of lawyer is going to prove to be important in this process. For example, if you are looking to keep your assets and simply restructure your debt, then you are going to want to file for Chapter 13 bankruptcy. This will have you making your payments on a monthly basis through the legal system. These payments will last up to 5 years and when completed, your debts are then forgiven. However, missed payments can still have an impact on this process.
Your bankruptcy attorney however might suggest that you consider Chapter 7. With this style, you are going to sell off your assets and use your funding to pay each of your creditors off. While certain items will be exempt, you are going to find that many items are not protected. It will be important that you consult with the attorney you select to determine which of your items are exempt from being sold.
Keep in mind that some state laws will come into play in this process. However it is determined to be a federal case. Because of that, you will still need to focus on the federal guidelines as well. This is another reason to have a bankruptcy attorney on hand. They will be able to help you complete the paperwork, submit the needed documents and to ensure that everything ends up being done in a legal manner.
You will need to remember that while this process of filing for bankruptcy can appear to be a complex one, the process is going to be a breeze by working with your bankruptcy attorney. Make sure that you sit down with them and discuss your case in full. This will help to ensure that you avoid any problems and you have some peace of mind in this process.
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