Kimberly Ann Bastes
How a Bankruptcy Attorney Can Help You Get Your Finances Back on Track?
Whether you are in the middle of a financial crisis or have been buried under a mountain of debt, filing for bankruptcy can be a way to get your finances back on track. However, it is important to take into account that bankruptcy is not a simple solution. Rather, it's a complex process with multiple steps that will require work on your part.
The process begins with a petition form, which will outline your financial resources. It should also outline your financial obligations. The petition forms should be accompanied by tax returns, pay stubs, and other documents. If you haven't filed for bankruptcy before, you should hire a bankruptcy attorney to handle the paperwork.
A bankruptcy attorney can save you time and money. He can also help you avoid legal pitfalls. He can also help you make the most of your bankruptcy filing. He can also stop your creditors from calling you, and handle calls from other parties involved in your case.
Depending on which type of bankruptcy you choose to file, you will need to fill out different forms. These may have specific deadlines, and you may be required to provide more documents than you might think.
If you choose to file Chapter 13 bankruptcy, you will need to submit an income-based repayment plan. The repayment plan will be reviewed by a court-appointed trustee. This plan will last between three and five years. The repayment plan will depend on how much you earn and how much you spend on living expenses. The court-appointed trustee will also ask questions about your debt.
If you have too much debt, you may consider selling some assets. This will free up cash to pay off your debt. However, it is important to avoid taking on new debt. Instead, you should focus on making consistent, on-time payments.
You may be eligible to get a fee waiver if you earn less than 150% of the federal poverty line. You will also need to pass a means test. This means a test will determine whether or not you can qualify for bankruptcy. If you qualify for a fee waiver, the court will decide on whether or not you will be required to pay the fee in installments.
You can also hire a credit counselor to help you create a budget. This will give you a more realistic picture of your income and expenses. You may also want to talk to your accountant. This will help you get a handle on your finances, and will make it easier to avoid debt.
If you are still in the process of filing for bankruptcy, you will need to attend a meeting with your creditors. This meeting is known as a Section 341 meeting. It's a mandatory meeting, and is held in a public forum. The court-appointed trustee will ask you questions about your debt, and will ask you to turn over your financial documents.
There are many steps involved in the bankruptcy process, and it is important to understand what you are doing. You need to know what to expect, what to prepare for, and what you can do to make the process as smooth as possible.
If you need a bankruptcy lawyer, please call this law firm for a free consultation:
Ascent Law LLC
8833 S Redwood Rd Suite C
West Jordan UT 84088
801 676 5505
www.ascentlawfirm.com
