Filing for bankruptcy can be a very tedious process but not with the help of a preeminent bankruptcy lawyer. Individuals must know their rights in hiring a lawyer when things are getting tough financially. However, knowing these rights is not enough. It is also vital to know the points to consider in seeking legal assistance from a bankruptcy attorney.
Debtors can choose to file bankruptcy when they are unable to pay their debts and obligations. Your first step is to determine if pushing through with bankruptcy is the best decision for your situation. You’ll then need to identify which chapter of the Bankruptcy Code is most appropriate for you. Your current financial position, as well as long and short-term goals, will play a factor in this decision. There are two types of bankruptcy which are commonly recommended by lawyers – Chapter 7 bankruptcy, which gives the debtors the right to retain key assets or the “exempt property”, and Chapter 13 bankruptcy, for those who want to keep their “non-exempt properties”. Most certainly, an attorney who has perhaps mastered the bankruptcy law can help you in resolving your outstanding debts the most effective way possible.
Bankruptcy attorneys do not only advise their clients about the bankruptcy laws but also counsel them in liquidating assets to resolve financial issues. Bankruptcy attorneys may also work on the side of creditors to convince the debtors to pay the money owed. The bankruptcy attorney also has to review the debtor’s assets and liabilities and make sure that the debtor is qualified to file bankruptcy. On top of that, the attorney has to represent the debtor during the litigation.
It is also the duty of a bankruptcy attorney to explain to his or her clients the aspects and differences between each chapter in the bankruptcy law. There are many differences between Chapter 7 and Chapter 13 bankruptcy. In Chapter 7 bankruptcy, the debtor has the right to keep the key assets or the “exempt property” such as home, car, and pension but the “non-exempt property” such as bank accounts, stock investments, and coin and stamp collections will be sold.
Whereas in Chapter 13 bankruptcy, this is generally used by debtors who want to retain non-exempt assets. In exchange, debtors have to pay back all the debt through the repayment plan. Typically, it may take three to five years to pay off the debts for Chapter 13 Bankruptcy. It is part of a bankruptcy attorney’s duties to determine which bankruptcy chapter best fits the debtor’s financial status.
Once determined which bankruptcy chapter is the most feasible and most effective option, the debtor will need to file a petition with the help of his or her attorney. The bankruptcy attorney must ensure no errors will be committed during the entire process. Protecting your rights by stopping the creditors from constantly harassing the debtors is one of the ways a bankruptcy lawyer can do. It is also important that the attorney is readily available to answer all the queries and concerns, as well as provide emotional support for his or her clients.
The U.S. Bankruptcy Code is the federal bankruptcy law which serves as the principal basis, but each state has laws that affect the debtor’s rights. It is significant for a bankruptcy attorney to be adept at the California bankruptcy-related laws as well as the U.S Bankruptcy Code. Knowledge of both laws will certainly give an edge in resolving the case.
Hiring a Woodland Hills bankruptcy attorney is often a viable choice when pushing through with bankruptcy. Bankruptcy proceedings require knowledge of state and federal law. On top of that, mastery and experience must be acquired by the bankruptcy attorney. Additionally, bankruptcy cases require extensive knowledge about the law and detailed documentation of the debtor’s assets and liabilities. Since an attorney must understand the rules governing bankruptcy its requirements, it is expected that the whole legal process flows smoothly. In addition, it is beneficial to hire a bankruptcy attorney in order to meticulously look into the pieces of information provided by both debtors and creditors as well as the details of the documents. In this way, it would be less difficult to formulate decisions on bankruptcy.
If you’re in a tough situation financially, bankruptcy may be the right choice for starting over again. Bankruptcy was not created to tell you about your difficulties and issues with your finances. Rather, bankruptcy is a way for a fresh start. But it’s important to fully understand what it can and what it cannot do for you.
Gomez and Simone law firm is the home of the leading Woodland Hills bankruptcy attorneys. They are widely known for their preeminence, outstanding strategies, and compassion for their clients. The firm does not just handle bankruptcy cases – they encourage you to a new start. Gomez and Simone law firm has helped thousands of families recover from their miseries from the trauma of bankruptcy. They make sure that both clients and the firm will benefit from one another but most of all consider the clients’ well-being.
When filing for bankruptcy, one must dedicate everything he or she has, just exactly how one dedicated everything to attain financial stability. At some point in everyone’s lives, financial instability will be inevitable. If ever you’re experiencing bankruptcy, there is no need to live in fear and worries. There are several people who will definitely help you, and that includes a bankruptcy lawyer.
Bankruptcy isn’t as easy as 1, 2, 3. It isn’t a process that comes to you instantly and indisputably; it is a tedious process that requires both time and knowledge of the law. Knowledge will not only come out of your attorney’s mind but it must also come from you. Remember that knowledge is power and knowledge can’t be attained if you won’t act now. Contact us for your free consultation today.