A Bankruptcy Lawyer Can Advise You on Various Matters

Jun 21
07:58

2011

Ace Abbey

Ace Abbey

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Before you file for bankruptcy, you should at least attend an initial consultation with an attorney. A good bankruptcy lawyer can let you know the answers to several questions concerning your debts and assets.

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You may know that a bankruptcy lawyer can represent you when you go bankrupt,A Bankruptcy Lawyer Can Advise You on Various Matters Articles and can be especially helpful when your case is complicated. However, an attorney is also helpful in straightforward cases, as he can answer any questions you may have. Find out why this type of legal help is often worth the money. 

You are probably wondering if you should declare bankruptcy at all, as well as which chapter is best for you. A bankruptcy lawyer can guide you in the right direction so you learn the answers after taking your own circumstances into consideration. As long as he or she knows details that include your debts, your assets, and the number of years you have lived in your current state, you can get some idea of which chapter would allow you to discharge the most debts while keeping the most assets. While you can certainly file on your own, you will not get any of this advice if you do, leaving you to decide on your own and hope you have made the right decision. Therefore, attending a consultation is a good idea before wasting your time filing only to find out you are not eligible or have chosen the wrong chapter. 

Once you decide to file, you may be wondering what will happen to your assets. Depending on the chapter you use and the amount of debts you owe, you will be allowed to keep some assets, and will have to sell some. While only the court-appointed trustee can tell you for sure which items you can keep, your attorney can give you an idea. All it takes is adding up the value of your items and comparing that number to your debts. In addition, you will need to consider the exemptions in your state, such as the homestead exemption, to let you know whether you can keep your home. This allows you to start planning early on, as you may need to find a house to rent if you do need to sell your current home to pay creators. 

Once this legal process is underway, you will probably have more questions. For instance, you may wonder about the tax consequences you will be left with after filing. You might know that most recent taxes cannot be discharged in court, so you will have to pay most of them. In order to make these payments on time, you will need to know what you owe and to whom. You may also be wondering what has happened to any liens against you, as filing has a major impact on most of your finances. Only a bankruptcy lawyer will be able to give you an accurate answer that can put you at ease. 

If you decide not to use a bankruptcy lawyer for this process, you will have to look up all this information on your own. A law library may help you, but you have to ensure you have the time for this endeavor. In general, you are advised to at least go to one consultation with an attorney, as this is usually free and allows you to get some advice before filing. 

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