How a Bankruptcy Attorney Helps You Avoid Problems When Filing

Do you know what mistakes to avoid when filing for bankruptcy?

If you’re considering filing for bankruptcy, it’s important to understand that the process can be complicated and fraught with potential pitfalls. That’s why it’s generally advisable to work with a bankruptcy attorney who can help you navigate the process and avoid common mistakes.

Should You File?

Your bankruptcy attorney will be able to help you determine whether bankruptcy is the right option for you and, if so, which type of bankruptcy to file.

When you’re struggling with debt, the idea of filing for bankruptcy may seem appealing. After all, bankruptcy can give you a fresh start by wiping out your debts and giving you a chance to rebuild your finances.

But before you decide to file for bankruptcy, it’s important to consider all of your options and understand the implications of this major financial decision. Here are a few things to keep in mind as you weigh your bankruptcy options.

Bankruptcy is a serious decision with long-term implications.

Filing for bankruptcy should not be taken lightly. This is a major financial decision that will have long-term implications for your credit and finances. Before you decide to file for bankruptcy, be sure to explore all other options for dealing with your debt, such as credit counseling, debt consolidation, or negotiating with your creditors.

Bankruptcy will not erase all of your debts.

While bankruptcy can wipe out some of your debts, it’s important to understand that it won’t erase all of them.

For example, certain types of debts, such as child support or alimony payments, cannot be discharged through bankruptcy. You will still be responsible for repaying these debts even after you file for bankruptcy.

Bankruptcy can be expensive.

Filing for bankruptcy is not free. You will be responsible for paying filing fees and other associated costs, which can add up quickly. Be sure to factor these costs into your decision-making process.

What You’ll Need to File

Your bankruptcy attorney will also help you gather the required documentation and complete the necessary paperwork.

The paperwork you’ll need to file depends on the type of bankruptcy you’re filing for. Here’s a look at the different types of bankruptcy and the paperwork required for each:

Chapter 7 Bankruptcy

If you’re filing for Chapter 7 bankruptcy, you’ll need to fill out several forms, including a petition, schedules of assets and liabilities, a statement of financial affairs, and a means test. You’ll also need to provide proof of income, such as pay stubs or tax returns.

One of the most common mistakes to avoid in bankruptcy is leaving paperwork incomplete or incorrect. An attorney can help you with all of the paperwork.

Chapter 13 Bankruptcy

If you’re filing for Chapter 13 bankruptcy, you’ll need to fill out a petition, schedules of assets and liabilities, a statement of financial affairs, and a repayment plan. You’ll also need to provide proof of income, such as pay stubs or tax returns.

Explain Bankruptcy Laws

Perhaps most importantly, your bankruptcy attorney can help you understand and comply with the many rules and regulations that apply to bankruptcy cases. These rules protect creditors and ensure that debtors receive a fair shake, but they can be confusing and difficult to navigate on your own. Your bankruptcy attorney will make sure that you understand your obligations and take the necessary steps to comply with them.

An Attorney Helps You Know What Mistakes to Avoid When Filing for Bankruptcy

If you’re thinking about filing for bankruptcy, don’t go it alone. Work with an experienced bankruptcy attorney who can help you avoid common mistakes and get the most out of the bankruptcy process. To learn more, contact the Law Offices of Robert M. Geller at 813-254-5696 to schedule a free consultation.