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Affordable Bankruptcy Attorney

When filing for bankruptcy you will want to find an affordable lawyer that knows the legal aspects of the process. This can be a daunting, frightening task to go through alone. You will need to collect as much financial information as you can to get started. This means a list of your debts, assets, property, cars, and a few years of tax returns. By law you are required to get consumer credit counseling within six months of filing for bankruptcy. The agency must be approved by the US Trustee. They want to explore all possible avenues before you go through this process.

An affordable bankruptcy lawyer can help you choose the best option for you. A Chapter 7 bankruptcy means that you sell or liquidate all your assets to pay your creditors back. For chapter 7 you must qualify according to a test given that measures your means. The other option is Chapter 13 which is a repayment plan to creditors. A lawyer can help you determine the best options for your situation. Once you have identified the right path the lawyer will help you prepare the detailed paperwork for court.

The paperwork which is described as schedules is where you describe your current financial status. If you are using Chapter 13 a proposed repayment plan is submitted with this paperwork. The cost of filing for Chapter 7 is $200 and the cost of Chapter 14 is $175. After you and your affordable bankruptcy lawyer file you will have a creditor meeting. This often takes place about one month after the filing. You will have to appear in court to answer questions about your assets and liabilities with trustee appointed to the case.

At the meeting creditors are invited to come and ask the person questions about their financial situation. That is why an affordable bankruptcy lawyer will help you through the maze. After no changes in your situation occur you will receive notice from the United States Bankruptcy Court in some case that the case has been discharged. In Chapter 7 cases the assets you have will often be liquidated to pay back creditors. Some assets will be exempt and others will not. When you pay back creditors you are often given three to five years to do so.

A notice of discharge means that creditors have agreed to let the debt go and will not collect it from you. This means you will not be required to pay the debt and they cannot come after you a year later to collect. Chapter 7 and 13 both have advantages and disadvantages to the process. A lawyer is a plus to help you navigate through the process.

With the economy bankruptcy statistics continue to rise. Don't file without an affordable bankruptcy lawyer that can help you with sorting out your financial records. A lawyer can even help you determine that you do not need to file and if there is another way to resolve the problem.