The Role of a Bankruptcy Lawyer: What to Expect and How They Can Help
A reasonable bankruptcy attorney will help determine if bankruptcy is the best option. They will also help you find other better debt-relief alternatives for your situation.
They will help prepare all the paperwork involved with your case. This includes lengthy forms that would require more work to complete.
What to Expect
A reasonable bankruptcy attorney should take a personalized approach to your case. They should offer valuable advice on whether or not bankruptcy is your best option and help you decide what sort of bankruptcy to file for.
When you meet with your bankruptcy attorney, they should ask questions about your financial situation and provide a list of documents you need to get together. They will want to know how much money you make and how much you owe. They will also want to know what assets you own and what you plan on keeping.
Once your lawyer has all the necessary information, they will file the paperwork for your bankruptcy. They will also appear with you at the meeting of creditors. They will help you protect as many of your assets as possible.
Preparation
When you meet with a bankruptcy lawyer, be prepared with financial numbers ready for them to review. This includes income sources, significant financial transactions over the past two years, monthly living expenses, and debts. It is also helpful to bring your tax returns, deeds for real estate, and titles to vehicles.
A bankruptcy attorney can help you fill out complicated forms and schedules that must be filed with the court. A single mistake in these lengthy documents could cost you your case.
A good Rockville bankruptcy lawyer will also be able to identify and value your property, choose exemptions, and explain which debts the court can discharge and which cannot. They can guide you in completing the mandatory pre-bankruptcy credit counseling and post-bankruptcy debt management class. They will also be familiar with court procedures and deadlines.
Meetings
Depending on the type of bankruptcy you file, there will be meetings that you must attend. At these meetings, known as a meeting of creditors or a 341 meeting, creditors can ask you questions regarding assets and other information pertinent to your case. Your bankruptcy attorney will help ensure that you are prepared for these meetings.
Your lawyer will also ensure that your testimony is accurate. When filing for bankruptcy, you must swear or affirm that all of the information you provide is true under penalty of perjury. An experienced bankruptcy attorney will recognize and correct any potential problem with your testimony before it goes into court.
Your attorney will also help you understand the benefits and consequences of filing for bankruptcy. For example, they will explain which debts can be erased in bankruptcy and what property you might lose. They can also advise you on alternatives to bankruptcy if they are appropriate.
Documentation
While someone can file bankruptcy without a lawyer, doing so is generally discouraged. During bankruptcy, your attorney will prepare all relevant paperwork and forms. They will also represent you in any court-mandated hearings and meetings with creditors.
They may also help you complete a pre-bankruptcy credit counseling session and a post-bankruptcy debt management course. They will help you complete the required forms, including schedules defining your property and finances. They will also help you submit any required fees for filing with the bankruptcy court.
Bankruptcy isn’t always easy, but it doesn’t have to be a bad thing. An experienced lawyer can guide you through the process, protect your rights, and promote financial freedom for you and your family. Then, you can concentrate on putting your life back together.
