If you have decided to file bankruptcy, it is in your best interest to hire a qualified bankruptcy attorney. Bankruptcy law is not as simple and straightforward as it may appear. Every case is different since everyone’s financial situation is different.
Your lawyer will help you decide which bankruptcy chapter will serve you the best. Some of the factors your bankruptcy lawyer will look at are:
- The state you live in for exemption status
- Your monthly income
- Your income for the prior six months
- How reliable your source of income is
- Your debt
- How far behind in your payments are you
- Is your debt mostly from secured or unsecured creditors
- Your assets
- If you owe child support or alimony
- If you owe back taxes
Answering these and other questions will help your attorney make a plan to get you a fresh financial start.
Meetings and Deadlines
Your attorney will know the laws regarding the meetings, classes, and deadlines for filing paperwork for your bankruptcy. If you try to go it alone, you may miss some of these legal proceedings and risk your bankruptcy being dismissed, or you could lose valuable assets that could have been saved if you knew the laws.
You could save the cost of the lawyer by handling the bankruptcy yourself. But do you really want to spend the time trying to learn the laws, taking time off work to do the paperwork and attend the creditors meeting and meeting with the judge on your own?
An experienced lawyer will know the best ways to prepare the documents to present to the trustee and judge, when to file a motion, will know which exemptions you should take to keep the most of your assets and years of handling cases similar to yours.
If you are considering bankruptcy, contact a Dallas bankruptcy lawyer to discuss your unique situation and what the best options you have for removing qualifying debt.