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If you are in deep financial trouble and are considering filing for bankruptcy, then you should hire an expert bankruptcy attorney that can guide you through the entire process.

Here is what your bankruptcy attorney will do after you have contacted them.

Your Attorney Will Ask For all the Relevant Papers

You will first need to go for mandatory credit counseling 6 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 debts, expenses, income and means), will have to become provided to your bankruptcy attorney before they can proceed.

They will study your documentation and then advise you on the simplest way out of your financial predicament.

Your Bankruptcy Attorney Will then Decide On the Applicable Chapter

Based on your financial records, your bankruptcy attorney can come to a conclusion as to which chapter is more suitable for your situation.

If you have exhausted your sources with income, then you might be advised to file for bankruptcy under chapter 7. If you have a reduced source associated with income and would also wish to save most of your assets, then your attorney might help you to file under chapter 13.

If you own a business and you ought to continue running it, then you might file for bankruptcy under chapter 11.

Your Attorney Can help you with the 'Means Test'

If you are filing for chapter 7 bankruptcy, then your bankruptcy attorney will assist you to calculate your gross and net income for the previous 6 months. That income will be than the average median income of an similar-sized family in your neighborhood.

If you do qualify to file under Section 7 bankruptcy, then your attorney will coordinate using a trustee appointed by your bankruptcy court in disposing your assets to be able to pay off your creditors.

If your income exceeds "means test" guidelines for qualifying filing a Page 7, then your attorney will are in possession of to shift their attention to filing for bankruptcy with chapter 13, which uses a new repayment schedule.

This schedule will assist you to clear your old debts for a period of three to five years.

Your Bankruptcy Attorney Can Draw up a New Schedule for any Court

If you need to file for bankruptcy 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 have got to start your payments consistent with that schedule.

Your Attorney Will assist you to Avoid the Pitfalls

Filing for bankruptcy is a complicated affair - and you will probably be too worried being thinking straight.

An efficient bankruptcy lawyer can calm you down and point out the pitfalls and greatest things about filing for bankruptcy with different chapters after studying your case.

Hiring an attorney can save you a lot of time and effort. They will do the legwork involved to help close your case at the earliest possible time.

A highly skilled, knowledgeable bankruptcy attorney is a vital asset to have in your favor when you are experiencing financial difficulties and considering filing for bankruptcy.

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