Bankruptcy is a term used in law to refer to the status of an individual or entity that fails to pay back its debts to its creditors. Many people and businesses undergo bankruptcy at some point in time. In most cases, the form of bankruptcy filed is determined by two key factors: monthly income and available assets. Monthly income is essential since it may prevent an individual from filing chapter 7 bankruptcy. The total value of available assets is vital because if the individual has nonexempt properties, they may lose them in a chapter 7 bankruptcy, but can retain them in a chapter 13 plan. To make sure that the entire bankruptcy process is handled professionally, it is important to hire the services of competent bankruptcy attorneys in Chandler, AZ.
Here are the top three reasons to hire a proficient bankruptcy attorney.
Evaluating the Applicant’s Financial Condition
One of the primary roles of a bankruptcy attorney examines the applicant’s financial situation. This will help them to determine the form of bankruptcy that matches well with the individual. If the person’s debts are too high and their income is too low, they may not qualify for Chapter 13 bankruptcy. Similarly, if the individual is making more than an average family in the state, they may not qualify for a chapter 7 plan.
Planning and Managing the Bankruptcy Case
An experienced bankruptcy attorney will help the applicant prepare and manage their bankruptcy case. The lawyer knows all the rules and regulations involved when filing for bankruptcy. They will assist the applicant complete the paperwork and documentation involved in the filing process correctly. The lawyer will also ensure that all the necessary documents are presented to the right judicial representatives. This will help to avoid any inconveniences on the day of the hearing.
Protection From Creditors
An experienced bankruptcy attorney can offer the applicant reliable tips on how to rebuild their credits and finances after filing for bankruptcy. The lawyers can also help the applicant stop possible harassment from unscrupulous creditors.
Bankruptcy can be a long and complicated, especially if the applicant does not have a profound knowledge of the lawyer. By hiring the services of bankruptcy attorneys in Chandler, AZ, one can be sure their rights will be well protected throughout the entire process. For more information about the roles played by bankruptcy lawyers, Visit the site.