Choosing the Best Chapter 7 Bankruptcy Attorney
If you are having trouble with your finances and have high debts, it may be time to consider filing for bankruptcy. Chapter 7 bankruptcy can be a great way to get out from under the crushing burden of unmanageable debts and help you begin your financial journey toward a debt-free life.
When you decide to file for bankruptcy, it is important to choose a lawyer who will take your case seriously and work hard to protect you from creditor harassment and fraud. A bankruptcy attorney will also be able to help you navigate the legal process, create a debt relief plan that can satisfy the court and provide you with a fresh start. Check out https://www.phoenixfamilylawyers.net/chapter-7-bankruptcy-attorney/ to find the best lawyer for you.
The first step in filing for bankruptcy is to prepare your paperwork and submit it to the court. This involves submitting your income and expenses, property ownership, debts and other documents. If you are employed, it is helpful to include your recent pay stubs and tax returns. Then, a bankruptcy trustee will review your paperwork and ask you questions about your situation during a 341 meeting of creditors.
Your bankruptcy attorney will then explain your rights and the benefits of filing. She will also answer any questions you might have and help you understand the complexities of the bankruptcy process.
Filing for bankruptcy will stop many of your creditors from trying to collect on debts. This is called an “automatic stay.”
During this stay, you cannot be garnished on your wages or repossessed on your car or home. Similarly, you will not be required to make payments on child support or alimony.
You will also be able to wipe out many credit card bills. Some other debts like medical bills, student loans and mortgages may remain after bankruptcy but an experienced bankruptcy attorney can help you determine whether these can be discharged.
Your bankruptcy trustee will look at your finances and assets, including nonexempt property, and decide if you have enough money to repay your creditors. They will also determine whether you can claim bankruptcy exemptions.
The exemptions you can claim depend on the type of bankruptcy you are filing and the laws in your area. Some exemptions offer more protection than others and are more desirable if you own a home or have other valuable property that would be difficult to liquidate.
If you have significant assets, such as real estate, car loans or a large amount of retirement funds, it may be wise to wait before filing for bankruptcy. Moreover, if you are considering filing for bankruptcy because of a personal injury settlement or other reason, it may be wise to delay the process until you know the outcome of your case.
The average cost of filing for bankruptcy can vary by location, but it is generally between $1,250 and $2,000 nationwide. That number depends on the complexity of your case and the quality of your bankruptcy attorney.