Filing for bankruptcy can be complicated and confusing. However, having a bankruptcy attorney by your side can make the process easier, especially if you are filing for chapter 13 bankruptcy or if your chapter 7 bankruptcy contains valuable assets that you wish to protect. A bankruptcy lawyer can serve major roles in relation to bankruptcy proceedings, as we discuss below.
During Bankruptcy Planning
A bankruptcy lawyer will assist you in evaluating your financial situation and determining if bankruptcy is the right option for you. Sometimes options like a loan modification or forbearance, negotiating with creditors, finding a plan for debt management, debt settlement, or debt consolidation may be worth considering. Your attorney will guide you on your best option based on your financial situation.
Your attorney can also help you determine the type of bankruptcy that is right for you, as chapters 13 and 7 are very different. If you file for chapter 7 bankruptcy, you may be able to clear your debt within a short period but if you are behind on mortgage payments, it can’t help you save your house. Depending on your goals and purposes, your attorney will guide you on the most applicable chapter for your case.
The bankruptcy process can be complicated and confusing and your attorney can help you understand the bankruptcy process. Before beginning the process, your attorney will walk you through every step and explain to you what to expect. Filing bankruptcy can be overwhelming and knowing what to expect before beginning the process can save you a lot of stress.
Your lawyer can help you create a budget and plan for your bankruptcy by evaluating your income and expenses and creating a plan that will allow you to repay your debts over time.
There are a lot of scams out there that target people who are considering bankruptcy and having a lawyer by your side can help you avoid fraud. An experienced bankruptcy attorney can help you avoid these scams and make sure that you get the help you need.
During Bankruptcy Preparation
Your lawyer will help you complete a means test. The means test is a calculation used to determine whether you qualify for chapter 7 bankruptcy. The test is based on your average monthly income over the past six months. If your income is below the median income for your state, you will automatically qualify for chapter 7 bankruptcy. On the other hand, if your income is above the median income, you will need to complete the second part of the means test to determine if you qualify for chapter 7 bankruptcy. This test is also used to determine if you can afford to make chapter 13 payments.
A bankruptcy lawyer will assist you in gathering the necessary documentation and paperwork to file for bankruptcy by providing you with a list of required documents, helping you to obtain the documents, and ensuring that the documents are properly completed.
A bankruptcy lawyer can help you determine your property’s value. Most people do not know the value of a TV or fridge they bought five years ago, and neither do they know the value of their living space. Hiring an attorney helps you know the realistic value of your property. Valuing a property is essential while filing for bankruptcy because it will help determine how much money is owed to creditors. The value of the property will also help determine if the property can be used to pay off debts.
Your lawyer will help you determine the exemptions to apply, each state uses different exemption systems to protect property. A bankruptcy lawyer knows how he/she can use the exemption system in your state to protect most of your assets.
They may also assist you to determine the discharge of debts. Your lawyer understands the debts that are discharged in bankruptcy and the debts that can also be discharged on certain conditions. This can help you determine the debts you need to repay and the ones you can walk away from.
A bankruptcy attorney can help you understand your rights while filing for bankruptcy. Understanding your rights and responsibilities during bankruptcy is crucial as it helps you to make the best decisions for your financial future and avoid common mistakes that can jeopardize your bankruptcy case
Your lawyer will take you through the bankruptcy process, brief you on the entire process, and explain to you the possible outcomes, the steps you need to take for your case to be discharged, and the different roles of the present parties and the judge. There are also many complicated rules and procedures involved in filing for bankruptcy, so it is important to have a lawyer who can guide you through the process and ensure that everything is done correctly.
While filing for bankruptcy, you will be required to complete your financial data including your recent transactions, assets, expenses, income, and debt under penalty of perjury. This can be a complex legal process and an experienced bankruptcy lawyer can help you file the paperwork including schedules, value your assets, advise you on the financial data to disclose, and ensure that your rights are protected.
During bankruptcy, you must sign under perjury informing the court that the information you filled in is correct. During your court sessions and in any meeting with the creditors, you are also supposed to swear that you are giving correct information. Your lawyer will offer accurate testimony and help you with these to ensure that your case is successful. If you do not provide accurate and complete testimony, the bankruptcy court may find that you have not met your burden of proving that you are entitled to a discharge of your debts.
The automatic stay is an important protection for debtors because it stops creditors from taking any collection action against the debtor or the debtor's property. If a creditor violates the automatic stay, the debtor can take legal action against the creditor. Your attorney can help you take legal action on creditors who disobey the automatic stay order and help you handle the matter accordingly.
Your attorney will help you create a repayment plan for chapter 13. There are a few reasons why it might be important for your attorney to modify a Chapter 13 repayment plan during bankruptcy. First, if your financial situation has changed since you filed for bankruptcy, a modification might be necessary to keep your repayment plan affordable. Second, if you have made progress in repaying your debts, a modification can give you some additional breathing room by extending the length of your repayment plan or decreasing your monthly payments. Finally, if you are behind on your payments, a modification can help you catch up by increasing your monthly payments or requiring a lump-sum payment.
Your attorney can negotiate with creditors on your payment plans by helping to draft a repayment plan or by negotiating a settlement on your behalf. In chapter 7, your lawyer can seek a reaffirmation agreement to help you protect your car or house. In other terms, your attorney can help you get a lower interest rate or waive certain fees and help you put together a payment plan that is more manageable for your budget.
Your bankruptcy attorney can help you file motions or objections with the court. There are several reasons why your bankruptcy attorney needs to file motions or objections with the court during bankruptcy. First, if there are any issues with your case that need to be addressed, your attorney can bring them up with the court. Additionally, if there are any creditor claims that your attorney feels are unfair or inaccurate, he or she can object to them. Finally, if your bankruptcy attorney feels that the trustee assigned to your case is not following the law or is not acting in your best interests, he or she can file a motion with the court to have the trustee removed.
Your attorney can help you prepare for and attend the confirmation hearing. They can do this by providing you with information about what to expect, helping you understand the process, and representing you at the hearing. The confirmation hearing during bankruptcy is important because it is the final hearing in your bankruptcy case. At this hearing, the bankruptcy judge will either confirm or deny your bankruptcy plan. If your bankruptcy plan is confirmed, you will be responsible for making payments to your creditors according to the terms of your plan. If your bankruptcy plan is denied, you may need to modify your plan or file a new bankruptcy case.
A bankruptcy attorney can help you rebuild your credit and financial life after bankruptcy. Bankruptcy can be a very difficult process to go through, and it can have a negative impact on your credit and financial life. A bankruptcy attorney can help you rebuild your credit and financial life after bankruptcy by helping you to understand the bankruptcy process, providing you with information and resources to help you rebuild your credit, and helping you to make a plan for your financial future.
Your lawyer can help you get your life back on track. Bankruptcy can be a difficult time, but it doesn’t have to be the end of the world. An experienced bankruptcy attorney can help you get your life back on track and can help you get the financial help you need.
Your lawyer can help you stop wage garnishment. Garnishment is a powerful tool for creditors to collect on a debt, but it can have a significant impact on your finances. Your attorney can help you avoid wage garnishment in bankruptcy by negotiating with creditors and developing payment plans that fit your budget.
Your bankruptcy attorney can also help you avoid collection calls. Collection calls can be very stressful and disruptive, the calls may be illegal if they are made after the bankruptcy is filed, and the calls may be a violation of the automatic stay if they are made to collect a debt that is dischargeable in bankruptcy. A bankruptcy lawyer can help you put an end to the collection calls and can help you get the peace of mind you need.
Other benefits of hiring a bankruptcy lawyer include:
- If you are facing foreclosure, a bankruptcy lawyer can help you keep your home by filing an emergency bankruptcy petition — filing an emergency bankruptcy petition can help you keep your home by stopping a foreclosure or eviction.
- Your attorney can help you minimize the damage bankruptcy will have on your credit report and your credit score — bankruptcy will have a negative impact on your credit report and credit score, but a bankruptcy lawyer can help you minimize the damage by giving you tips on how to improve your score moving forward.
- Your attorney can help you protect your assets and maximize your chances of a successful bankruptcy discharge.
- A bankruptcy lawyer can help you prepare for and attend the mandatory credit counseling session — your bankruptcy attorney can provide you with information about what to expect and how to prepare for the session. Your lawyer can also help you understand the credit counseling process and what options are available to you.
- Your bankruptcy lawyer can represent you at the 341 meeting of creditors — the 341 meeting of creditors is an important part of the bankruptcy process because it is the first opportunity for the trustee and creditors to question the debtor about their bankruptcy case. Being represented by your lawyer at this meeting can help you prepare for questions that may be asked and ensure that the meeting is conducted fairly.
- A bankruptcy lawyer can help you discharge your debts.
- A bankruptcy lawyer can also help you prepare for and attend the mandatory debtor education course.
Find a Bankruptcy Lawyer Near Me
Bankruptcy law is complicated, and the bankruptcy code keeps changing. That is why it’s important to have an attorney who is up-to-date on the latest changes and can help you make the best decisions for your case. At Modesto Bankruptcy Attorneys, we can help you avoid common mistakes that can jeopardize your bankruptcy case, answer your questions, and protect your rights. Call us today at 209-314-3010 if you are looking for a local Modesto bankruptcy lawyer.