Hiring a competent lawyer for bankruptcy matters is an essential part of the bankruptcy process. Your legal counsel will help you size up your financial situation, and offer constructive solutions to your problem. This involves taking stock of all of the debts that are overwhelming you and advising you as to whether or not pursuing bankruptcy is a viable option.
If bankruptcy is the best course of action, then your attorney will then help you determine what kind of bankruptcy works best for you.
The most common types of bankruptcy for individuals are Chapter 7 bankruptcy and Chapter 13 bankruptcy, and your financial standing will inform you and your legal counsel of the most secure option to take.
From there, your lawyer will guide you through a variety of complex legal actions such as:
- Submitting a comprehensive list of creditors to the court for review.
- Scheduling court appearances.
- Helping you navigate and complete the required pre-bankruptcy credit counseling session as well as a post-bankruptcy debt management course.
- Giving the court the required fees for document filing.
Not only will your attorney assist with these things, but they will also act as a layer of legal protection to ensure that your best interests are being taken care of at all times. Additionally, your legal representation will be familiar with the specifics of these procedures and their deadlines, while also adhering to the formalities of the court.
What Bankruptcy Cases Does Solomita Law, PLLC Handle?
Solomita Law handles a variety of bankruptcy cases and does so with an informed understanding of bankruptcy law as a whole. Choosing the right bankruptcy procedure greatly depends on the amount of debt you are in, and how much money you are currently making. With these things in mind, your lawyer will calculate which choice best reflects your current financial standing.
Chapter 7 Bankruptcies
Chapter 7 lawyers play a role in the facilitation of the discharge of your unsecured debts such as credit card debt, medical bills, and unsecured loans. This stops creditors from garnishing your wages, collecting payments, repossessing your property, and other similar actions.
Chapter 11 Bankruptcies
Chapter 11 lawyers usually represent incorporated businesses or individuals whose debt exceeds the maximum limit for Chapter 13. This involves the “reorganization” of a debtor's business affairs, debts, and assets.
Chapter 13 Bankruptcies
Chapter 13 bankruptcy is also referred to as a “wage earner’s plan”. This enables people with regular income to come up with a plan to repay all or part of their debts. These payments usually last from three to five years.
An emergency bankruptcy lawyer utilizes this process if their client urgently needs to stop a creditor from collecting. In most cases, this results in an “automatic stay” being imposed on collection efforts. If you are considering an emergency bankruptcy, time is of the essence, and contacting an attorney as soon as possible is highly recommended.