3 Important Questions to Ask Your Lawrence Bankruptcy Lawyer Before Filing Bankruptcy

by | Dec 20, 2018 | Bankruptcy Lawyer

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Filing for bankruptcy can be a frightening and complicated process. The laws and procedures surrounding bankruptcy have changed in recent years, and hiring a Lawrence bankruptcy lawyer is an important step to take if you’re considering filing for bankruptcy. A Lawrence bankruptcy lawyer can address any concerns you have, assess your assets and financial situation, and guide you through complicated legal processes if you decide to proceed. Below are three important questions you should ask your attorney to help you decide whether or not you should file for bankruptcy.

If I declare bankruptcy, should I file for Chapter 7 or Chapter 13?

If you still owe payments on a mortgage or car loan, it’s important to ask your attorney what the best course of action for your bankruptcy is. While most people’s property will be protected under Chapter 7 bankruptcy, some people may not have enough equity to exempt their home and vehicle from lender claims that can lead to repossession. Your attorney will be able to examine your individual situation thoroughly and advise you on the correct procedures to follow.

What debts do I have that won’t be covered under my bankruptcy?

Many people forget that there are several circumstances in which their outstanding debts will not be covered by filing for bankruptcy. This can include student loans, moneys owed to the IRS and child support or alimony payments. Asking your lawyer whether or not certain debts qualify for dissolution under bankruptcy laws can help you make a more informed decision about whether or not you should continue with your bankruptcy.

What property will I be allowed to keep if I file for bankruptcy?

Federal law has very specific stipulations in place when it comes to what property, personal items and employee and insurance benefits an individual is allowed to keep after filing for bankruptcy. Your lawyer can examine your assets with you and explain how these laws pertain to your individual situation. In some cases where debt is not too overwhelming, you attorney may recommend that you seek the help of a credit counselor instead of filing for bankruptcy.

Determining whether or not you should file for bankruptcy can be a difficult decision. An experienced Lawrence bankruptcy lawyer can give you the legal advice necessary to make an informed choice. Make sure to ask your attorney the questions above and any others you might have during a legal consultation.

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