If you have a lot of personal or business debt that you cannot repay properly based on your current income,you can consider filing for bankruptcy. Since this option has many legal consequences,you should take your time to carry out the necessary research before you finally decide to declare bankruptcy. Ideally,you should hire a competent bankruptcy lawyer to help you out with the process. What do bankruptcy lawyers do? This is an important question that many people often ask when thinking about voluntary bankruptcy. Well,these Chapter 11 lawyer normally help clients in a number of ways,including;
Offering Legal Advice on Bankruptcy
Unless you are a bankruptcy lawyer ,your legal knowledge is limited. Since you need to make informed decisions,you have to hire a competent bankruptcy lawyer to explain to you the legal consequences of bankruptcy,procedures and possible outcomes. After all,you may not be aware of all the consequences. Bankruptcy lawyers know everything there is to know about bankruptcy,so they can offer competent legal counsel.
Help With Paperwork
When filing a bankruptcy petition,there is a lot of paperwork that needs to be filled. Since you may not fully understand or know the information needed on these forms,your lawyer can help you out. They can help you declare your assets,debts,current income and expenses. The accuracy of the information you provide on the bankruptcy paperwork is what will determine whether your debts will be written off or not through bankruptcy.
During bankruptcy proceedings,whether it’s a chapter 7,11 or 13 bankruptcy,you may be required to attend court proceedings or meetings organized by the trustee. You will be required to attend most of these meetings,but some of them can be attended by your how to file for bankruptcy on your behalf.
Defending the Bankruptcy Petition
If you have filed for a chapter 13 or chapter 11,the trustee may claim that you do not qualify for this chapter and recommend chapter 7,which is basically liquidation,to the court. In such a case,your lawyer will provide evidence to support the petition to ensure you are declared bankrupt under the right chapter.