Sabtu, 06 April 2013

Money problems? What to expect from a bankruptcy attorney

The economy turned downward, which meant a lot of people who were financially stable suddenly found themselves badly. If this happened because of a job loss or because a homeowner was able to refinance the high rate for a mortgage because of the housing bubble bursting more Americans were forced to out of control payments and little or no income. If you’re one of these people and you wonder how a bankruptcy attorney might help, you’re in luck.

Why use a bankruptcy attorney

The reason people use a bankruptcy attorney is that there is a long process of petition. Every piece of paperwork must be completed exactly right. If there are errors, might be rejected the petition and you’ll have to start from scratch-if you’re allowed to continue at all. In some cases, a mistake in the paperwork could prohibit deposit in the future. A lawyer will also be able to help you determine whether you should file Chapter 7 or chapter 13. The types are different standards or regulations and attorneys are able to help you decide which is best for you.

What to expect during your first meeting

During your first meeting, your bankruptcy attorney will ask you lots of questions. These are very personal questions regarding your financial situation, but it is important to answer all truthfully as possible. Although it might be awkward, realize that your lawyer will probably have heard it all before and you’re not the first person to hit a financial snag. Your lawyer does not judge-instead you lay out everything that you can expect regarding your deposit.

If you’re a initial consultation, make sure to bring as much information as possible. This includes a list of all debts, the amount you owe and account numbers. Most people do not realize that they will need to also include a list of assets. The Commons include jewelry, vehicles, home and 401k accounts.

How to pay your bankruptcy attorney

Many people are worried about paying for a bankruptcy attorney. After all, if they are over their heads financially, how on earth are they going to be able to pay a lawyer? It is not uncommon for people to borrow money from a family member or work out a payment plan with their lawyer, in order to pay the filing fees. The filing fee for own account is about $ 300. Across the country, the national average attorney fee is about $ 1000. Many lawyers will prepare documents in advance and then take payments for taxes. Once the fee is paid in full, the lawyer will submit the paperwork.

There is no shame in asking for help when it comes to finding a bankruptcy attorney. Instead of letting you sink further and further into debt, look to see how a lawyer can help. Most lawyers offer a free initial consultation, so there is no harm in exploring one to see if it can help your particular situation.

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