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From GunGame5 Documentation
If you are in deep financial trouble and are thinking about filing for bankruptcy, then you should hire a qualified bankruptcy attorney that can guide you car process.
Here is what your bankruptcy attorney will do once you have contacted them.
Your Attorney Will Ask For all the Relevant Papers
You will first need to go for mandatory credit counseling six months prior to filing with regard to bankruptcy.
The proof of this counseling, along with other financial papers (for example a list of all your debt, expenses, income and possessions), will have to become provided to your bankruptcy attorney before they are able to proceed.
They will study your documentation and then advise you on the correct way out of your finance predicament.
Your Bankruptcy Attorney Will then Decide On the Applicable Chapter
Based on ones financial records, your bankruptcy attorney can come to a conclusion concerning which chapter is more suitable for your situation.
For those who have exhausted your sources associated with income, then you might be advised to file for bankruptcy under chapter 7. If you have a reduced source involving income and would also love to save most of your assets, then your attorney might help you to file under chapter 13.
If you own a business and you intend to continue running it, then you might file for bankruptcy with chapter 11.
Your Attorney Will assist you to with the 'Means Test'
If you're filing for chapter 7 personal bankruptcy, then your bankruptcy attorney will assist you to calculate your gross and net income for the previous six months. That income will be compared to the average median income of a similar-sized family locally.
If you do qualify to file under Chapter 7 bankruptcy, then your attorney will coordinate which has a trustee appointed by your bankruptcy court in disposing your assets in order to pay off your creditors.
If your income is greater then "means test" guidelines for qualifying filing a Section 7, then your attorney will now take over to shift their attention to filing for bankruptcy under chapter 13, which requires a new repayment schedule.
This schedule will assist you to clear your old debts over a period of three to five years.
Your Bankruptcy Attorney Can Draw up a New Schedule for any Court
If you need to seek bankruptcy relief under chapter 13, then this attorney can draw up an alternative repayment schedule and get it approved by the court after arranging a meeting with your creditors.
Once the repayment plan is approved, then you will need to start your payments as per that schedule.
Your Attorney Can help you Avoid the Pitfalls
Filing for bankruptcy is a complicated affair - and you will probably be too worried to remain thinking straight.
An efficient bankruptcy attorney can calm you down and indicate the pitfalls and features of filing for bankruptcy with different chapters after examining your case.
Hiring an attorney can save you a long time and effort. They will do the legwork involved to help close your case in the earliest possible time.
A highly skilled, knowledgeable bankruptcy attorney can be a vital asset to have in your favor when you are experiencing financial difficulties and considering filing for bankruptcy.
