Choosing to declare bankruptcy after trying for so long to meet your financial responsibilities can be a very difficult and stressful decision. It becomes even more frustrating when you seek legal counsel, only to discover that the cost of hiring an attorney will place even greater strain on your limited finances. While the cost of enlisting a bankruptcy lawyer may be high, there are times when it is better to spend the additional money than to try and find a less expensive - but less effective - alternative.
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First, it is important to understand how filing bankruptcy works in order to realize why having an experienced attorney is essential. When you declare yourself bankrupt, everything that you own, money or property, is turned over to a trustee; this individual is responsible for seeing that the person or company you owe money to is paid what they are due. All of your property could be included in the amount owed. However, some items are protected, provided they are disclosed to the trustee.
A bankruptcy lawyer is there to make sure that your interests are protected, just as the trustee is doing for the creditor you owe. You attorney has the experience and legal knowledge to help you best determine what debts can be paid off or discharged. He may also be able to assist you with protecting those assets which can't be declared exempt and will ensure that everything you own has been properly listed, as well as that whatever can be saved is declared and protected. Your lawyer will also be responsible for filing all of the paperwork and making sure that everything is turned in on-time and accurately completed.
An attorney who deals with bankruptcy cases will also be able to help you understand the two types of personal bankruptcy, and which one you need to file, should your situation come to that point. The first type of bankruptcy is known as liquidation bankruptcy, and is commonly referred to as Chapter 7. When you file for Chapter 7, you are in effect granting the court permission to take some of your property, sell it, and use the proceeds to settle as much of your debt as possible. Any remaining money that you owe is then discharged.
The other type of bankruptcy involves restructuring your debts before payments are made, and it is commonly referred to as Chapter 13. When you decide to file Chapter 13, you are required to create an outline detailing how you plan to pay what you owe within a three to five year time period. A third form of bankruptcy, Chapter 11, also exists; however, this would only be sought if your debts exceeded the amount allowed by a Chapter 13 filing.
Finally, a bankruptcy attorney will handle much of the back-and-forth communication that goes on between a trustee and a person who has declared himself insolvent. He will also accompany you to your meetings with those to whom you are indebted and, if necessary, will help you to and submit any additional paperwork or correct errors made during the initial filing.
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