Chapter 7 Bankruptcy Lawyer

A Chapter 7 Bankruptcy Lawyer helps such individuals through the entire procedure...

Chapter 7 Bankruptcy is filed by those who are in debt and in technical terms, is known as ‘liquidation under the Bankruptcy Code’. This basically means that the person who files for bankruptcy will need to sell or auction his assets in order to pay off the debt. He may file for Chapter 7 bankruptcy on one condition- that he has been given permission to meet with the Judge in the court of law. The debtor must also meet with and consult a credit counselor before he files the petition. Naturally, the most significant repercussion of going through with filing such a petition is losing personal assets which include property. The debtor is also asked to submit copies of his credit records, the debt amount, property details as well as his annual income. Not only that, but he must also present monthly bills and proof of expenses.
 
A Chapter 7 bankruptcy lawyer helps such individuals through the entire procedure. It goes without saying that since these experts have the required knowledge of certain laws, they will make sure that the legal proceedings conclude smoothly and without any major glitches. One cannot go through the legal complexities without a Chapter 7 bankruptcy lawyer as he carries out the following functions:

• He dissects and analyzes the financial situation at hand while keeping the legal eligibility criterion in mind.
• Since credit counseling sessions are required to be undertaken, he assists the debtor and helps him through it.
• The Chapter 7 bankruptcy lawyer also works on the plan that is consequently formulated by the credit counselors.
• After going through the debtors past and present records, the attorney decides whether he should file for Chapter 7 bankruptcy or Chapter 13 bankruptcy. This is because while the former calls for liquidation, the latter mainly focuses on debt reorganization.
• He helps the debtor with all his forms and presents the case as clearly as possible at the local court.
• He also helps the debtor collect and organize all the required documents well before hand in order to prevent delays at a later stage.
• The Chapter 7 bankruptcy lawyer decides whether the petition should be filed individually or with a spouse.
• He discusses issues related to exempted property, that is, that property which does not need to be liquidated.
• The most important function that this attorney carries out is that he prepares the debtor for the essential ‘341’ meeting.
• What happens is that the creditors, debtors and court trustees meet in order to find a solution. The court trustees are the mediators who are required to come to a well-thought out conclusion by the end of the meeting. The debtor may or may not bring his lawyer along with him. However, he must be physically present himself and cannot expect the attorney to sit in the meeting without him.
• Last but not the least, the Chapter 7 bankruptcy lawyer counsels the debtor and helps him find alternative solutions.