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If you are within deep financial trouble and are thinking about filing for bankruptcy, then you should hire a qualified bankruptcy attorney that can guide you car process.

Here is what ones bankruptcy attorney will do after getting contacted them.

Your Attorney Will Ask For all your Relevant Papers

You will first need to go for mandatory credit counseling 6 months prior to filing for bankruptcy.

The proof of this counseling, along with other financial papers (such as a list of all your debts, expenses, income and means), will have to remain provided to your bankruptcy attorney before they can proceed.

They will study your documentation and then advise you on the best 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 far better for your situation.

For those who have exhausted your sources associated with income, then you might be advised to seek bankruptcy relief under chapter 7. If you have a reduced source associated with income and would also love to save most of your assets, then your attorney might advise you to file under page 13.

If you own a business and you want to continue running it, then you could file for bankruptcy with chapter 11.

Your Attorney Will assist you to with the 'Means Test'

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

If you do qualify to file under Page 7 bankruptcy, then your attorney will coordinate with a trustee appointed by this bankruptcy court in disposing your assets so as to pay off your loan companies.

If your income is greater then "means test" guidelines with regard to qualifying filing a Page 7, then your attorney will now take over to shift their attention to filing for bankruptcy with chapter 13, which uses a new repayment schedule.

This schedule will allow you to clear your old debts for a period of 3 to 5 years.

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

If you need to file for bankruptcy under chapter 13, then your attorney can draw up an alternative repayment schedule and obtain it approved by the court after arranging a meeting with your creditors.

Once the repayment approach is approved, then you have got to start your payments as per that schedule.

Your Attorney Can help you Avoid the Pitfalls

Filing for bankruptcy is a complicated affair - and you should probably be too worried to become thinking straight.

An efficient bankruptcy attorney can calm you down and point out the pitfalls and advantages of filing for bankruptcy under different chapters after analyzing your case.

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

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

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