Stop stressing about your financial difficulties and let Legal Helpers determine if bankruptcy is right for you with a simple evaluation form. Our bankruptcy attorneys only handle Chapter 7 and Chapter 13 cases, so you can be sure that your case will be handled by some of the most experienced attorneys in the country. We have many locations in the US and we're sure to have one near you. Get your Free Bankruptcy ConsultationLegal Helpers is an experienced Bankruptcy Law Firm that helps consumers file for bankruptcy relief, reorganize their debts and fix their credit inaccuracies. As the largest provider of debt relief and bankruptcy assistance in the country, Legal Helpers has some of the most experienced bankruptcy attorneys and a 100% money back guarantee that your case will be prepared and filed accurately.
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Bankruptcy is a legal process that requires knowledge and experience. Legal Helpers specializes in filing Chapter 7 and Chapter 13 cases, consult with our expert bankruptcy lawyers, get a free evaluation of your current financial situation and find out which bankruptcy chapter best suits your needs, then we can prepare your bankruptcy petition accordingly. The most recent changes in bankruptcy laws have made the process of filing for bankruptcy more complicated and have also made it easier for self-filers to make mistakes and get their petitions denied, which often results in penalties as well.
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Typically before you file for bankruptcy you must pass a means test, which is administered by an attorney this will determine two things. First it will tell you if you qualify to file bankruptcy and second it will tell you what bankruptcy chapter best fits your situation. The means test basically compares your financial capacity to that of the median income in your state, then based on the ratios of debt to income it is calculated whether you should file chapter 7 also known as liquidation bankruptcy or chapter 13 in which you file a repayment plan in which you will pay back all or part of the owed debt for a period of up to 5 years.
Regardless of which bankruptcy chapter you end up filing, there will be plenty of paperwork to prepare before you petition can be filed in a bankrupcy court in your area. The paperwork will list all of your assets, debts, income, expenses and will also include personal bankground information and financial history. You'll more than likely need records for the last three tax years and two to three moths of bank statements and paystubs. This information can get even more specific per state.
Should you end up filing a chapter 7 case, you will be given an appointment to attend a "meeting of creditors" about 30 days after your petition is filed. During this meeting you will be interviewed by the bankruptcy trustee assigned to your case, and asked a series of questions regarding your assets, the accumulated debts you intend to discharge and the history of your recent purchases especially if you have made major ones. The bankruptcy trustee's job is to represent the interests of the creditors, the trustee is also concerned with your file being accurate by making sure that you're not presenting a fraudulent case. The trustee must also appropriate any non-exempt assets to be liquidated to repay your creditors before any debts can be discharged. After the liquidation phase the trustee will schedule another meeting in which your remaining unsecured debts are discharged and your case closed. Once this happens you are no longer obligated to repay any unpaid balances and your creditors are no longer legally allowed to come after you to collect on any unpaid balances.
If your means test favors a chapter 13 repayment plan instead, the process is similar to chapter 7 in which you will need to provide the same type of documentation. In a chapter 13 file you are required to file an adequate plan of repayment with the bankruptcy court, in which you will list the repayment schedule to all your creditors in order of priority. It is up to the court to approve or deny the plan. If the plan is approved then you will start sending payments to the chapter 13 trustee, it is the trustee who distributes payments to your creditors according to the plan you filed. Once this repayment cycle is established you will get one final hearing in court and your case will be discharged. As long as the plan is in effect and you continue to make payments, you are protected from wage garnishements, collections, lawsuits or any other actions by your creditors. Chapter 13 is most applicable for someone who is trying to keep possession of a valuable asset such as a home, or if do not qualify for chapter 7 then this is usually the next best option.
You are certainly not at all required to hire an attorney to file bankruptcy, however you must understand that unless you are willing to learn the intricate laws of the bankrupcy code and apply them to your case with accuracy, you will be taking a chance. If your petition is not accurate and you have errors or are missing paperwork, your case can be denied by the bankruptcy court and you may even be penalized for it. You also may not be able to file again for some time. You see, the law changes of 2005 made it more difficult for self filers to be successful, it is also much easier now to make mistakes because of the additional paperwork and regulations.
Bankruptcy attorneys have higher success rates because this is their specialty and their job is to know the law that applies to bankruptcy filing. Your case will be more complicated if you have several assets you need to include or exempt from your file. So it is recomended that you hire an experienced bankruptcy attorney to handle your case. Many law firms offer free consultations and you should take advantage of this since you can gain a lot of insight from just speaking with an expert. Fill out a free evaluation form here and get in touch with a bankruptcy attorney in or around your area.
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