how bankruptcy worksBankruptcy is a legal option that can help you alleviate some of your debt. Are you in a situation where you have lost your job, going through a divorce or have accumulated medical bills? If so, you need to understand how bankruptcy works. You need to begin the process of filing before your situation becomes worse. It is not uncommon for individuals to wait to see if their situation will improve. And, they often decide to file at the last moment. However, once you have determined that you can no longer meet your financial obligations, you should consult with a bankruptcy attorney to discuss all of your options.

The Benefits of Hiring a Bankruptcy Attorney

You are not required by law to hire a bankruptcy attorney. But as you try to go through the legal process on your own, you will quickly realize how confusing it can be. Filing for bankruptcy can also be a very time consuming process. This is why it is best to hire an attorney that understands how bankruptcy works. They have the knowledge and experience you need to have on your side when you are navigating the process.

When you meet with your lawyer for the first time, there are several things that will be discussed including:

  • Your creditors
  • Your current financial situation
  • What chapter you should file
  • Other considerations

The attorney will then spend his or her time consulting with you in person or by phone and filing paperwork on your behalf. The attorney will have all of the information needed in order to make the best decisions on what course of action should be taken for your case.

Filing Paperwork

After the attorney has gathered all of the necessary information from you, and your paperwork has been completed, the attorney will file your case with the court. During this time, it is important that you meet the qualifications necessary for the chapter you decide to file. Of course, it will be to your advantage to have an experienced attorney by your side to increase your chances of a favorable outcome.

Learning how bankruptcy works can help you regain control of your finances, and regain some financial stability. Speak with a bankruptcy attorney in your area and discuss your options.

Learn more about retaining a bankruptcy attorney by contacting us today for a free consultation.