A Bankruptcy Lawyer's Help with Chapter 7 or 13

The main objective and responsibility of a bankruptcy lawyer is to walk you through the entire process of filing. These attorneys use their education and familiarity with the insolvency proceedings to help each client learn their eligibility, properly complete all of the necessary paperwork, and carry out their Chapter 7 or 13's final judgment and applicable responsibilities. And the first step in that process is explaining the difference between Chapter 7 liquidation and Chapter 13 debt relief. A recommendation to apply has to do with an inability to financially contribute to the lowering of one's debt with their income. So with an attorney's help during the petition process, one can be sure that all assets aren't touched, wages aren't unnecessarily garnished, and harassment of collection's agencies does not occur through the finalization of repayment period.

A bankruptcy lawyer can help their clients with Chapter 7 filing when there are applicable assets to liquidate in order to cover a satisfactory portion of their debts. On one hand, successful Chapter 7 filing can allow an individual or business to use liquefied assets to pay whatever debts they can cover and the remainder of the debt is absolved thereafter. On the other hand, if a trustee challenges the filer's ability to pay some or all of his or debts with disposable income under Chapter 13, then the filing will be dismissed and he will be forced to file for Chapter 13. Chapter 13 filing can be suggested by a bankruptcy attorney when their client does have some but not all of the disposable income necessary to apply to their debts. With a Chapter 13 filing, the benefit is that there is a five year time limit on the period of repayment so that you can then use that money to regain footing in other areas of your financial life.

Lastly, the largest piece of advice from any insolvency website, attorney's frequently asked questions page, or even a peer blog is that you can file alone, but it is highly recommended that you seek out the expert advice and experience of a bankruptcy lawyer. It is particularly important that he or she have extensive familiarity with the particular Chapter that you will be filing. In the end, every step that you take to educate yourself, align yourself with reputable legal representation, and complete each step properly, you raise your chances of successful acceptance of your particular case. One of those necessary steps is seeking the assistance of a licensed bankruptcy lawyer who sympathizes with handling your type of case and has ideas of how he or she can specifically help you.