Bankruptcy can be a daunting and emotional experience, but with the help of a bankruptcy lawyer, it becomes more manageable. A good attorney offers advice, comfort, and legal knowledge to help navigate the intricacies of bankruptcy law. Here’s what it feels like to work with a bankruptcy attorney and what you can expect.
1. Initial Consultation: Understanding Your Options
The initial step is a consultation in which the attorney assesses your financial condition.
You’ll review various forms of bankruptcy, like Chapter 7 or Chapter 13, and decide which is most suitable for your situation.
The attorney will address your concerns and clarify what bankruptcy can and cannot accomplish for you.
2. Relief from Financial Stress
With legal counsel, creditors will have to communicate everything through your attorney.
This can help cut back on stress caused by relentless collection calls and threats of lawsuits.
Having an advocate in your corner can also be a source of peace of mind.
3. Obtaining and Filing Documents
Your attorney will assist you in obtaining the required financial documents, such as income statements, records of debts, and information about assets.
Accuracy is paramount since missing or incorrect information can further slow down your case.
The attorney will draw up and file the documents on your behalf, following bankruptcy legislation.
4. The 341 Meeting (Meeting of Creditors)
During the bankruptcy process, you’ll be required to participate in a court-ordered meeting with creditors.
Your attorney will accompany you to represent you and facilitate the process.
Although the meeting may be daunting, having an attorney present provides comfort and protection.
5. Developing a Plan for Financial Recovery
Bankruptcy is not just about wiping out debt; it’s about a fresh start.
Your attorney can also provide guidance on rebuilding credit, budgeting, and staying out of trouble financially.
Some attorneys also offer tools to assist with getting back in the saddle financially post-bankruptcy.
6. Being Empowered and Informed
A good attorney keeps you aware of deadlines, provisions, and legal ramifications throughout the process.
Rather than in the dark, you’ll have confidence in making financial choices with professional oversight.
Though bankruptcy is a serious measure, with the expertise of professional lawyers, it will seem like an organized process rather than an emergency.
Final Thoughts
Using the services of a bankruptcy attorney can be the difference between a chaotic experience and a well-structured, guided road to recovery from debt. With proper legal guidance, you can traverse bankruptcy more confidently and clearly, and your recovery to debt-free status will be smoother.
This article was written by Alla Tenina. Alla is one of the best tax attorneys in Los Angeles California, and the founder of Tenina Law. She has experience in bankruptcies, real estate planning, and complex tax matters. Visit www.teninalaw.com for more information. The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only. Information on this website may not constitute the most up-to-date legal or other information. This website contains links to other third-party websites. Such links are only for the convenience of the reader, user or browser; the ABA and its members do not recommend or endorse the contents of the third-party sites.