What Does a Bankruptcy Lawyer Do? The Role of a Bankruptcy Attorney in Filing for Chapter 7 or Chapter 13 Bankruptcy

When people are faced with overwhelming debt, they may feel like there is no way out. This is where a bankruptcy lawyer comes in. 

A bankruptcy lawyer can help you file for Chapter 7 or Chapter 13 bankruptcy, which can help you get your finances back on track. In this blog post, we will discuss the role of a bankruptcy lawyer in filing for bankruptcy. We will also provide some tips on how to choose the right lawyer for you.

Who is a Bankruptcy Attorney

A bankruptcy attorney is a type of lawyer that helps people file for bankruptcy. This process can be very complex, and it is important to have someone on your side who knows the ins and outs of the process. A good bankruptcy lawyer will be able to explain the different options available to you and help you choose the best option for your situation.

Types of Bankruptcy

There are two types of bankruptcies that individuals can file:

• Chapter 13 and
• Chapter 7.

Chapter 13 bankruptcy allows people to reorganize their debts and come up with a repayment plan. This type of bankruptcy can be a good option for people who have a regular income and want to keep their property.

Chapter 7 bankruptcy, also known as liquidation bankruptcy, involves selling off some of your assets to pay off your debts. This type of bankruptcy is typically used by people who do not have a regular income or who have very little assets.

No matter which type of bankruptcy you decide to file, a bankruptcy lawyer can help you through the process.

Choosing the Right Bankruptcy Lawyer

If you are considering filing for bankruptcy, it is important to choose the right lawyer for you. There are a few things you should keep in mind when choosing a bankruptcy lawyer:

• The lawyer should be experienced in handling bankruptcies.
• The lawyer should be able to explain the different options available to you and help you choose the best option for your situation.
• The lawyer should be familiar with the laws in your state.
• The lawyer should be able to answer any questions you have about the bankruptcy process.
• You should feel comfortable communicating with the lawyer.

What Does a Bankruptcy Lawyer Do?

Help you Understand the Intricates of Bankruptcy Law and process

Bankruptcy law is very complex, and it is important to have someone on your side who knows the ins and outs of the process. A good bankruptcy lawyer will be able to explain the different options available to you and help you choose the best option for your situation.

Your bankruptcy lawyer will also be there to help you understand the intricacies of bankruptcy law. This includes understanding what property you can keep, how much debt you can discharge, and what debts cannot be discharged in bankruptcy.

Advise of Different Legal Options in Bankruptcy Law

A bankruptcy lawyer can also help you understand the different legal options available to you. This includes exploring alternatives to bankruptcy, such as debt settlement or credit counseling.

A good bankruptcy lawyer will be able to explain the pros and cons of each option and help you choose the best option for your situation.

Lay out and Guide the Bankruptcy Process for You

The bankruptcy process can be very confusing and overwhelming. A good bankruptcy lawyer will be able to guide you through the process and help you understand what is happening at each step.

Your bankruptcy lawyer will also be there to answer any questions you have about the process. This includes questions about your rights, the creditors’ rights, and the trustee’s duties.

To Prepare and File Your Paperwork

One of the most important things a bankruptcy lawyer will do is help you prepare and file your paperwork. This includes the petition, schedules, statements, and other documents required by the court.

Your bankruptcy lawyer will also be there to help you fill out these forms correctly and make sure that all of the required information is included.

Negotiate with Creditors on Your Behalf

Another important role of a bankruptcy lawyer is to negotiate with your creditors on your behalf. This includes negotiating a payment plan or terms of discharge.

A good bankruptcy lawyer will be able to negotiate with your creditors to get the best possible terms for you.

Your bankruptcy lawyer will also be there to represent you at the meeting of creditors and the confirmation hearing.

Represent you at Bankruptcy Hearings

If your bankruptcy case goes to trial, your bankruptcy lawyer will be there to represent you. This includes representing you at the creditors’ meeting, the confirmation hearing, and any other hearings that may be required.

Your bankruptcy lawyer will also be there to help you prepare for these hearings and make sure that you are ready to present your case.

What to Expect When Working with a Bankruptcy Lawyer

When you are facing bankruptcy, it is important to have a lawyer on your side who can help you through the process. Here are a few things you should expect when working with a bankruptcy lawyer:

• The lawyer should be experienced in handling bankruptcies.
• The lawyer should be able to explain the different options available to you and help you choose the best option for your situation.
• The lawyer should be familiar with the laws in your state.
• The lawyer should be able to answer any questions you have about the bankruptcy process.
• You should feel comfortable communicating with the lawyer.

Frequently Asked Questions on Bankruptcy Law

What is Bankruptcy?

Bankruptcy is a legal process that allows debtors to get out from under their debts and start fresh. When you file for bankruptcy, an automatic stay is put into place. This means that creditors are not allowed to contact you or try to collect on your debts. In most cases, you will be able to keep your home and your car. You may also be able to discharge other types of debt, such as credit card debt and medical bills.

Two Types of Bankruptcy

There are two types of bankruptcy that consumers can file: Chapter 13 and Chapter 7 bankruptcy

Chapter 13 bankruptcy is also known as a reorganization bankruptcy. In this type of bankruptcy, you will be able to keep your property. You will also be required to repay some or all of your debts over a three- to five-year period.

Chapter 7 bankruptcy is also known as a liquidation bankruptcy. In this type of bankruptcy, you may be required to sell some of your assets in order to repay your debts. However, you will be able to discharge most of your unsecured debt, such as credit card debt and medical bills.

Chapter 11 bankruptcy is for businesses. This type of bankruptcy allows businesses to restructure their debt so that they can stay in business.

How Does Bankruptcy Work?

When you file for bankruptcy, an automatic stay is put into place. This means that creditors are not allowed to contact you or try to collect on your debts. In most cases, you will be able to keep your home and your car. You may also be able to discharge other types of debt, such as credit card debt and medical bills.

Once you have filed for bankruptcy, you will need to attend a meeting of creditors. This is where your creditors will have the opportunity to object to your discharge. If there are no objections, your case will be confirmed and you will be on your way to financial freedom.

If you are facing overwhelming debt, bankruptcy may be the best option for you. A bankruptcy lawyer can help you file for Chapter 13 or Chapter seven bankruptcy, which can help you get your finances back on track.

Tips for Choosing a Bankruptcy Attorney

If you are considering filing for bankruptcy, it is important to choose the right bankruptcy attorney. Here are some tips to help you choose the right lawyer:

• Be sure to choose an attorney who is experienced in handling bankruptcies.
• Choose an attorney who makes you feel comfortable and who you can trust.
• Make sure that the attorney you choose is familiar with the bankruptcy laws in your state.
• Get recommendations from friends or family members who have filed for bankruptcy.

What are the Legal Effects of Bankruptcy?

The legal effects of bankruptcy are:

• An automatic stay is put into place. This means that creditors are not allowed to contact you or try to collect on your debts.
• You will be able to keep your home and your car.
• You may be able to discharge other types of debt, such as credit card debt and medical bills.
• Your credit score will be affected for seven to ten years.

What are the Legal Disabilities and Limitations that Attach Due to Bankruptcy?

The legal disabilities and limitations that attach due to bankruptcy are:

• You will not be able to get new credit during the bankruptcy process.
• You will not be able to do business  without  the permission of the court, and
• You will not be able to file for bankruptcy again for seven to ten years.
• You will not be able to act as a director or officer of a corporation during the bankruptcy process.
• You may not be able to get certain types of jobs during the bankruptcy process.
• Your credit score will be affected for seven to ten years.
• You may be required to sell some of your assets in order to repay your debts.
• However, you will be able to discharge most of your unsecured debt, such as credit card debt and medical bills.
• You may also be required to repay some or all of your debts over a three- to five-year period.

Conclusion

Filing for bankruptcy can be a difficult decision to make. However, if you are facing overwhelming debt, it may be the best option for you. A bankruptcy lawyer can help you navigate the bankruptcy process and ensure that you are able to discharge your debts. If you are considering filing for bankruptcy, be sure to choose an experienced attorney who makes you feel comfortable and who is familiar with the bankruptcy laws in your state.