Why Is It Important To Hire A Lawyer When Filing Chapter 7 Bankruptcy

Why Is It Important To Hire A Lawyer When Filing Chapter 7 Bankruptcy

If you're in deep debt without sufficient income and you don't possess any valuable assets, you may have to file a chapter 7 bankruptcy in order to resolve your financial situation. A chapter 7 bankruptcy is also known as a liquidation bankruptcy, and basically means that you request the courts to liquidate your assets in order to pay your creditors with the proceeds.

Though this may seem straightforward enough, chapter 7 bankruptcy is actually a very complicated legal and financial procedure that is both costly to the debtor and his creditors. In the process of filing a chapter 7 bankruptcies, you will have to provide the court with every piece of information pertaining to your financial situation, including your income, assets, debts and creditors, as well as monies owed to you, government fines and inheritances.

Any incorrect or incomplete information included in your chapter 7 bankruptcy petition could cause the court to refuse your petition, or in the worst case scenario, order a court investigation into your affairs. To avoid any possible mistakes, it's always a good investment to retain the services of a chapter 7 bankruptcy lawyer. A chapter 7 bankruptcy lawyer is accustomed to filing petitions.

Your chapter 7 bankruptcy lawyers will know exactly which information you need to provide. Furthermore, a chapter 7 bankruptcy lawyer will be able to examine the types of debts you have and inform you which, if any, cannot be eliminated and as a result will survive your filing. The services of a chapter 7 bankruptcy lawyer do not stop here, however; your chapter 7 bankruptcy lawyers can also, when examining your debts, advise you whether the statute of limitations has expired on any, which could potentially save you a lot of money.

Once your petition is accepted by the court, your chapter 7 bankruptcy lawyer will represent you throughout your case. This means that your chapter 7 bankruptcy lawyer will deal with all communications with the court. If objections to your bankruptcy arise, your chapter 7 bankruptcy lawyer will defend you and if necessary, do so in any subsequent court cases.

It is vital to understand that with years of training and experience in chapter 7 bankruptcy law, a reputable chapter 7 bankruptcy lawyer can bring not only knowledge of the law, but a full understanding of the court procedure to your case and ensure your rights are both respected and protected.

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