“The rules are very technical, and a misstep may affect a debtor’s rights…bankruptcy has long-term financial and legal consequences – hiring a competent attorney is strongly recommended.”
Why exactly is it so difficult to file for bankruptcy, then? Let’s take a look at the different stages of filing for bankruptcy in Highlands Ranch, Denver, and Lone Tree, and why hiring an affordable bankruptcy attorney will help ease the stress.
1.The First Stage: Filing for Bankruptcy in Littleton
In order to file for bankruptcy, you and your bankruptcy lawyer will need to gather all of the documents needed to file with the court. This includes information such as pay stubs, bills, income information, tax records, etc. (read this previous post for a more complete list). During this stage of the filing process, you will also submit your Petition. It can be difficult to understand all the legal jargon involved in the bankruptcy process. This is why is it is important to have a knowledgeable bankruptcy attorney there to walk you through the process and decode the legalese.
2.The Second Stage: Creditor’s Meeting
After you have completed the filing stage, the next step is to attend the creditors’ meeting. This is also referred to as a “341 meeting.” This meeting is overseen by the bankruptcy trustee assigned to your case by the court. The trustee will decide what portion of your belongings need to be liquidated in order to pay back your creditors. Often, my clients are concerned that creditors will show up at this meeting and berate and shame them. This is not the case, however. In fact, creditors rarely show up at this meeting. Having an expert bankruptcy lawyer by your side is extremely helpful to be prepared, however. You don’t have to stand alone.
3.The Third Stage: Bankruptcy Discharge
The last stage of bankruptcy is the best. This stage is where you receive your discharge. Depending on what type of bankruptcy you filed this final stage will take place at different times. Chapter 13 bankruptcy usually takes place over 3-5 years while you complete your repayment plan. At the end of this plan, you’ll receive your discharge. Chapter 7 bankruptcy is usually complete within a matter of months.
Work With a Skilled Lawyer: Ensure a Good Bankruptcy Process
If you were going into surgery, wouldn’t you want a professional to handle the procedure? When you take your car into the shop, you do so because you know it takes skill and knowledge to understand the inner workings of your car. So, when you file for bankruptcy in order to eliminate debt and get a fresh start, it is logical to hire an affordable bankruptcy lawyer to guide you through the process. There are many rules and laws related to each stage of the bankruptcy court process. An attorney with years of experience will save you money in the long run. There are countless exemptions, and an informed lawyer will know how to use them to get you the best possible fresh start.
If you are struggling financially and are considering filing for bankruptcy, come in and meet experienced bankruptcy lawyer Barry Arrington for a free consultation. Call him today at 303-205-7870. He will help you consider your options and get you the best possible bankruptcy discharge.