Filing for bankruptcy is certainly out of the list of the things you look forward to. You never know when a financial crisis might strike and there is no windfall of cash for you.
If you are considering filing for bankruptcy, it is important to ask yourself some questions to determine your ability to endure the consequences -- emotionally, mentally and financially.
One should be alert of the costs and the byproduct that will be incurred. This helps you take the case with an optimistic view and to stay away from any sort of needless complication.
So, here are some common questions you might want to ask your bankruptcy attorney before you make a move in filing for bankruptcy:
1. Why Should I File for Bankruptcy?
Are you prepared in all aspects to bring your financial conflicts to the court? Determining the aptness of filing bankruptcy with regards to your case is an important consideration.
Yet you don’t have to worry much because a good bankruptcy attorney will be more than eager to help you come up with a final decision if bankruptcy is really the best option. And if not, gives you alternative options. He or she will be offering you a lot of competent suggestions and advice.
The bankruptcy attorney should be able to enlighten you on Chapter 7 and Chapter 13 bankruptcy options. Thereafter recommend solutions for your individual situation by outlining solid pros and cons of each option..
2. Are You Purely Devoted to Bankruptcy Cases?
Is your attorney specializing in bankruptcy law? Does he or she have at least an experience of at least 3 years in the field of bankruptcy law?
When it comes to hiring a bankruptcy attorney, don’t settle for a novice. You should always look deeper into the credentials and specialties of a legal professional. Find someone who has the necessary knowledge and experience to give you rational advise as he/she looks into your current disposition and hears your goals.
Moreover, there are times that a bankruptcy attorney will advise you NOT to file for bankruptcy, because they might something better in mind to resolve your issues. This would help you make an informed choice without making any mistake.
3. How Does My Properties Affect My Chances of Filing
Do you have a real estate property or maybe a car? Because it can affect the filing process of bankruptcy to a large extent.
For example, if the value of your property tends to be high, you will be advised to sell your property and repay debts through the proceeds of your non-exempt assets or take the Chapter 1 recourse. Similarly, if you have a car and wish to retain the possession, then you should always file Chapter 7.
Discussing with your attorney will help you take an informed call with minimum hassle. You should ask him to explain the differences between filing for Chapter 13 vs. Chapter 7, and what he thinks would be best for your circumstances.
Be prepared with the right number for your debt and assets. You will need to give him a more detailed and accurate account of your finances if you file with your bankruptcy attorney richmond va. But reasonably accurate estimates will help him assess your situation initially.
Bankruptcy is a fairly straightforward process; as long as you are not on the verge of not qualifying.
You can pretty much find answers about the process and ramifications online. Yet how a bankruptcy attorney explains them and what information he or she gives you will definitely allow you to assess the whole situation. The key to a successful case result lies with hiring a professional for the court proceedings.
Conway Law Group - Richmond, VA
6802 Paragon Pl, #410 Richmond, VA 23230
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