Many people think that hiring a Bankruptcy attorney is going to cost them a lot of money. Unfortunately, this is not true. A good bankruptcy attorney can actually save their clients lots of money and even make a profit. Here are some things that a bankruptcy attorney actually does for their customers:
Making sure that they understand their options and file the correct type of bankruptcy code. For example, they will know whether they can discharge their debts by filing a chapter 13 bankruptcy, a chapter discharge, or a combination of both. They also know which types of debt can be discharged through other means such as a debt consolidation loan. A bankruptcy attorney will do their research and make sure that their client has the right answers for the creditor so that they do not have to waste time and money defending a case in court that they have no chance of winning. Click to learn more about Columbia bankruptcy law service.
Filing their personal bankruptcy petition. Once they know what types of debts they have to defend, the bankruptcy attorney will file their personal petition for relief. This is where they tell the courts about their debts, their assets, and all their income and expenses. It tells the courts why they need to pay back what they owe and what options they have for paying it off. The bankruptcy attorney may also ask for a temporary restraint on creditors because their income may make them able to make minimum payments for a short time. You can click: meredithlawfirm.com/north-charleston-bankruptcy-law-office/ North Charleston office location.
Filing their final forms. After the paperwork is done, the bankruptcy attorney will file their final forms. They include a complete financial statement outlining their incomes and assets. Then, they will file their notice of intent to file the appropriate bankruptcy petition. This is where they tell the court that they are filing the appropriate chapter 7 bankruptcy petition and request approval for a chapter 7 bankruptcy.
Finalizing their bankruptcy case. When the paperwork is done and filed, the bankruptcy attorney will work with the courts to have their case heard and approved. This includes completing documents that tell the court what they need as proof that the person does not have enough income or assets to meet their needs for bankruptcy protection. Then, the bankruptcy attorney will work with the courts to file the final forms needed to start the process of their bankruptcy protection. Once this is completed, then the person officially becomes protected by the law and can begin working towards a debt-free life.
Although the bankruptcy attorney has to represent the debtor in a bankruptcy case, they still work for the creditors. They work to negotiate with the creditors so that they can accept lower total payments than what is expected. They also work to inform the creditors that they have filed the right to bankruptcy protection paperwork. However, once the bankruptcy attorney has received the debt validation from the creditors, they work to settle any outstanding debts. Then, they advise the debtor on how to manage their finances and credit after the bankruptcy protection is complete.
Check out this post for more details related to this article: https://en.wikipedia.org/wiki/Personal_bankruptcy.
