Although filing for bankruptcy seems like an easy way to get out of paying the debts you owe, it’s important for people to realize that it’s actually much more complicated than that. Thanks to recent changes in the bankruptcy laws, debtors have a lot more to think about when it comes to filing a bankruptcy petition. The filing process can quickly become confusing if you don’t know what you’re doing, but this problem can be remedied with the help of an experienced lawyer. For those who would like to know more about how hiring a good attorney can benefit them in the bankruptcy process, here are a few things that your lawyer will counsel you about that you may not have otherwise known:What Type of Petition You’ll File Many people are aware that there are a few different types of bankruptcy petitions. However, some people fail to understand that each type of petition has its own rules and guidelines that debtors must follow in order to be eligible to file. For example, filing for Chapter 7 bankruptcy requires that you pass a means test in order to make sure that you have sufficient finances. Those who want to file for Chapter 13 bankruptcy need to make sure that they have the income required in order to meet their obligations for the debt repayment plan. When you meet with your lawyer, the two of you will discuss your particular financial situation and discuss which type of bankruptcy petition will help you get closer to your financial goals.Your ResponsibilitiesYou may not realize it, but you will have responsibilities that you must take care of during the bankruptcy process. For example, it may be mandatory for you to attend credit counseling classes so that you can reduce your chances that you will be in financial trouble again in the future.
A good lawyer will talk with you about all of your obligations so that you don’t miss critical steps and put your petition in jeopardy.While it is possible for debtors to file for bankruptcy on their own, there are distinct advantages to consulting legal counsel before and during the process. bankruptcy lawyers in Baltimore can not only help you successfully file a bankruptcy petition, they can provide sound advice that will help you improve your financial outlook so that you can begin doing what is necessary to rebuild your life the right way.
