Here’s what the solicitor can do after you’ve told them.
Your solicitor demands for any related documentsIf you’re looking for more tips, Lawyer for Bankruptcy in Chicago has it for you.
First, you need to go for mandatory credit counseling six months before bankruptcy filing.
Once they will continue, evidence of your treatment along with certain financial documents (such as a summary detailing all the loans, liabilities, revenue and assets) would have to be given to the bankruptcy solicitor.
They will study your documentation, then advise you on the best way out of your financial plight.
Your attorney will decide the relevant chapter
Your bankruptcy attorney will conclude, based on your financial records, which chapter is more suitable for your situation.
If you have depleted revenue streams, you might be forced to apply for bankruptcy under Chapter 7. If you have a reduced source of income and want to save most of your assets, your attorney may advise you to file under chapter 13.
If you own a company and wish to maintain operating, you will apply for bankruptcy under Chapter 11.
Your attorney can help the ‘Means Test’
If you are filing bankruptcy for chapter 7, your bankruptcy attorney can help calculate your gross and net income for the previous six months. That income will be compared to a similar-sized family’s average income in your town.
If you qualify for bankruptcy under Chapter 7, your attorney will coordinate the disposal of your assets with a trustee appointed by the bankruptcy court to pay your creditors.
Unless your compensation meets the “means check” requirements for obtaining a Chapter 7 lawsuit, otherwise your counsel may also have to concentrate on applying for bankruptcy under Chapter 13 with a revised repayment plan.
That plan will effectively clear the old debts for 3-5 years.
Your bankruptcy attorney can draw a new court schedule
When you need to apply for bankruptcy under Chapter 13, after scheduling a consultation with your creditors, your lawyers will draw up a revised repayment plan to have it accepted by trial.
If the repayment plan is accepted, you will continue the payments according to the timeline.
Your attorney can help you avoid crashes
Filing for bankruptcy can be a complicated affair, and you may be too worried to think straight.
An effective bankruptcy solicitor will settle you down, pointing out the disadvantages and benefits of suing for bankruptcy in multiple clauses after reviewing the situation.