During the year 2013, there were a whopping 1,071,932 bankruptcy filings in the United States. Indeed, bankruptcy is extremely common, despite the outlook of many Americans that such a thing could never happen to them. Indeed, bankruptcy is correlated with everything from mortgage payments to medical bills. In 2013, bankruptcies resulting from unpaid medical bills affected an estimated 2 million people in the United States.
The good news is that there are many people who specialize in assisting before, during, and after bankruptcy cases. Bankruptcy help can come from your family and friends, but most importantly can and should come from your bankruptcy attorney. Here are some important ways that your bankruptcy lawyer can help you through the trying bankruptcy process:
Your lawyer will give you competent legal advice on whether or not you should file for bankruptcy, letting you know if it is in your best financial interest. They will also be able to advise you on the specific kinds of bankruptcy you should possibly file. Chapter 7 is often the way to go for individuals — as indicated by the 728,883 Chapter 7 bankruptcies that were filed in 2013 — and Chapter 13 can be best if you have manageable amounts of debt.
Most importantly, an attorney can help you formulate a plan to get your finances back on track, how to make the process easier, and how you can use bankruptcy to achieve your financial goals.
Familiarity With the Process
The bankruptcy process probably seems pretty foreign to you, since you’ve never been through it. Luckily, it’s a familiar process for your attorney. This is good for you since the circumstances surrounding your unique case and the type of bankruptcy you choose to file can change some standard procedures. Your attorney will be able to successfully guide you through federal bankruptcy laws, local court rules, and dealing with the bankruptcy trustees in the area.
Updates and Filing
During the process, the trustee might ask for additional documentation — and spur of the moment paperwork is the job of your bankruptcy attorney. Your bankruptcy attorney should also be on top of making sure that all documentation is submitted in a timely manner, since missing even one deadline can cause adverse consequences.
Declaring bankruptcy can be the ticket to a new life, free of debts — make sure you do it right with the help of a professional.