Bankruptcy can be the result of various outcomes like unemployment, miscalculations, health problems or sheer bad luck. Whatever it is, the circumstances can stress you out more than one can imagine. Filing to attain bankruptcy relief can be confusing and stressful. Bankruptcy attorneys are the right persons to guide you at this difficult stage.
The responsibilities of bankruptcy lawyers towards their customers are many. Being specialized in bankruptcy laws they are armed to negotiate cases and find a way out to eradicate your debts or reorganize debts. Let us take a look at the various duties of bankruptcy attorneys.
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At the initial consultation itself a bankruptcy lawyer evaluates your financial status and financial aims. He or she then discusses different options for debt relief that can be made use of. The most suitable option is then decided and the fee payment schedule is worked out.
As soon as the attorney is hired, he takes collection calls that come for you. Though your creditors can contact you directly till you file bankruptcy, as soon they realize you have appointed an attorney they begin to call him or her directly, which takes a lot of pain off your back.
Filing bankruptcy petition needs a lot of preparation, which is the duty of the attorney you hire. The petition forms need time and care to be filled properly, which is indeed very exhausting. Depending on the number of creditors the forms can get longer. All you have to do is check the forms after your attorney has filled it. This is to make sure all the creditors and assets are included, after which the signed petition is submitted to the court. After you file the documents your creditors has to stop collection procedures as you are under automatic stay.
After filing of the petition in the bankruptcy court, next part is to attend a meeting with the creditors known as the 341 meeting. It occurs usually after 30 to 45 days of filing your petition in the court. Before you attend the meeting, your lawyer talks and finds out every important issue so that you are well prepared for queries from the trustee.
A bankruptcy attorney has the responsibility to assess, discuss and sign all kinds of reaffirmation contracts on secured property you wish to retain. Secured property means the property on which you have taken loans keeping it as the collateral. Through reaffirmation agreements you continue with your repayments by keeping your property.
How Much Is A Bankruptcy Lawyer
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