Filing for bankruptcy is easier said than done because people facing this economic debacle may not know exactly how to go about salvaging their situation. Bankruptcy may be the best possible solution for some people and it is best to find an expert who can guide you through the process of filing.
What benefits will a bankruptcy lawyer offer you?
1. To start with, you need to determine whether or not bankruptcy is the only solution that can save you from the current economic fiasco. The best way to do that is to get professional expertise. Only an experienced bankruptcy attorney can help you understand whether filing for bankruptcy is the best option for you under the circumstances. If he finds that bankruptcy is not really the best choice for you, he will suggest some other plan.
2. An experienced bankruptcy lawyer will also be able to identify potential roadblocks on the way and will you plan accordingly.
3. If you reside in Northern Virginia, a Northern Virginia bankruptcy lawyer can tell you which chapter of bankruptcy to file, whether chapter 7, 11, or 13. This is because chapters 7 and 13 are designed for accomplishing different objectives. Chapter 7 can help you eliminate a large volume of debt in less time, but it will not help you salvage assets in case you are late in making repayments.
4. The bankruptcy attorney will apply the Means Test to see if you quality for bankruptcy under chapter 13 or chapter 7. He will ensure that you disclose and evaluate your assets properly. A capable lawyer specializing in bankruptcy cases will also know how to use exemption rules specific to your state to protect your assets as far possible.
5. Bankruptcy lawyers in Northern Virginia will come up with a proper plan to discharge the debts. For instance, there are some debts that will not get discharged while there are others which go away when specific conditions are met. So, it is your attorney who will explain which debts you can eliminate and which will stay on.
6. Finally, your bankruptcy lawyer will take care of all the paperwork so that you can enjoy complete peace of mind. He will file pages of data concerning your income, debts, assets, expenses, recent transactions, etc. Your lawyer will decide which assets to disclose and how to value these. He can guide you through the entire procedure, explaining the details and preparing you for what it is to come.
Apart from these benefits that an experienced Northern Virginia bankruptcy lawyer can offer you, he will also handle creditors for you. When creditors violate the automatic stay that prevents them from collecting the debt amounts once the case has been filed, it is your attorney who has the power to demand compliance. Not only will he ensure that the case progresses without trouble, he will also help you rebuild your credit. He can provide handy tips on how best to manage your finances once the case is closed.