Bankruptcy is a legal process that involves petitioning the federal bankruptcy court for relief from your debts. To that end, it’s best to have a lawyer to help you get it done right. There is a lot of paperwork that needs to be completed in order to prove to the court you need relief. The petition is the centerpiece of a bankruptcy, although you do have to fill out other paperwork along the way. Almost all of it is written in legal language that can be difficult for a layperson to understand. Here’s how a Lawrence, KS bankruptcy attorney helps you with a filing.
Before you can do anything with a bankruptcy, you have to determine what chapter you are eligible to file under. This is accomplished through the means test. The means test has you enter estimated income and debt, and how much of your income goes towards that debt. It is also used to determine your annual income and compare it to the state median income. Depending on the final numbers you come up with, you will file under Chapter 7 or 13. However, it is not always a sure bet that one is better than the other, and a Lawrence, KS bankruptcy attorney helps you determine which one to enter.
Following the means test is the petition. It’s made up from an actual petition, a matrix, schedules and an affidavit that you are telling the truth. This is the paperwork that helps you prove to the court that your debts are overwhelming you, and that you need it gone so you can live your life. In it you are to enter all of your assets, sources of income and your debts. A lawyer does all of this work on your behalf in order to minimize mistakes and have a document that won’t be rejected by the court upon filing. After the petition is filed, the lawyer keeps you updated as to what is going on, represents you at the 341 hearing, and sees you through to discharge.
