Bankruptcy attorneys ensure the proper preparation of your bankruptcy petition after advising you if bankruptcy is appropriate for your financial situation and if you qualify.
By first finding out why you want to file and if there are other options for you to consider, you can save yourself the expense and regret of a filing that does not accomplish your goals. For example, a Chapter 7 filing will not save your home from foreclosure, but a Chapter 13 could do so.
You first must qualify for a Chapter 7 petition, which your attorney can determine for you. If not, your bankruptcy attorneys can help you prepare a Chapter 13 if that is your best option considering your financial situation and what assets you possess.
Preparing a petition can be complicated. Having a professional and his or her staff help you accumulate the necessary documentation, figure out your monthly expenses, and advise you if certain transferred assets may be seized is invaluable if you want to retain all or most of your assets while discharging as much debt as possible.
Your attorney can also determine if your assets are protected by your state’s exemptions and to what extent. There may be instances where assets subject to seizure can be rendered exempt.
Lastly, avoiding legal entanglements and other complications can be assured by having competent and knowledgeable bankruptcy attorneys guiding and advising you every step of the way. An improperly prepared petition or one in which you failed to include certain property or its true value could have devastating consequences.
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