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If you are with deep financial trouble and are thinking about filing for bankruptcy, then you should hire a qualified bankruptcy attorney that can guide you car process.

Here is what ones bankruptcy attorney will do after you have contacted them.

Your Attorney Will Ask For any Relevant Papers

You will first need to go for mandatory credit counseling 6 months prior to filing for bankruptcy.

The proof of that counseling, along with other financial papers (such as a list of all your debt, expenses, income and possessions), will have to remain provided to your bankruptcy attorney before they can proceed.

They will study your documentation and advise you on the best way out of your finance predicament.

Your Bankruptcy Attorney Will Decide On the Relevant Chapter

Based on your financial records, your bankruptcy attorney will come to a conclusion with regards to which chapter is more suitable for your situation.

If you have exhausted your sources with income, then you might be advised to file for bankruptcy under chapter 7. For those who have a reduced source associated with income and would also like to save most of your assets, then your attorney might help you to file under page 13.

If you own a business and you intend to continue running it, then you might file for bankruptcy with chapter 11.

Your Attorney Can help you with the 'Means Test'

If you are filing for chapter 7 chapter 13, then your bankruptcy attorney will assist you to calculate your gross and net income for the previous 6 months. That income will be compared to the average median income on the similar-sized family in your neighborhood.

If you do qualify to file under Page 7 bankruptcy, then your attorney will coordinate which includes a trustee appointed by this bankruptcy court in disposing your assets so as to pay off your loaners.

If your income surpasses "means test" guidelines for qualifying filing a Page 7, then your attorney will now take over to shift their attention to filing for bankruptcy under chapter 13, which uses a new repayment schedule.

This schedule will allow you to clear your old debts for a period of 3 to 5 years.

Your Bankruptcy Attorney Can Draw up a New Schedule for any Court

If you need to file for bankruptcy under chapter 13, then your attorney can draw up an alternative repayment schedule and obtain it approved by the court after arranging a meeting with your loan companies.

Once the repayment approach is approved, then you will need to start your payments according to that schedule.

Your Attorney Will assist you to Avoid the Pitfalls

Filing for bankruptcy can be a complicated affair - and you will probably be too worried to be thinking straight.

An efficient bankruptcy lawyer can calm you down and explain the pitfalls and advantages of filing for bankruptcy with different chapters after examining your case.

Hiring an attorney can save you a long time and effort. They will do the legwork involved to close your case in the earliest possible time.

An experienced, knowledgeable bankruptcy attorney is a vital asset to have on your side when you are facing financial difficulties and considering filing for bankruptcy.

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