Important Reasons You Need The Help Of A Bankruptcy Attorney

Being in deep debt can be a stressful and heavy burden, one that can ruin your life and make you physically ill from worry over it. If you have decided that filing bankruptcy is your only option for being free of debt, learning more about it from an experienced bankruptcy attorney is important. Find out the reasons you need the professional guidance of an experienced attorney when you file bankruptcy.

Filing The Type of Bankruptcy Best For Your Financial Circumstances

While filing Chapter 11 bankruptcy may have been the best option for someone you know, it may not be the best way for you to file. You may need to file Chapter 13 or 7 instead, a choice you can make safely when you have the guidance of an experienced bankruptcy attorney. The amount of debt and the type of debtors you owe are determining factors for the the type of bankruptcy you are able to file. Your lawyer will know how you need to file, making it a lot less stressful for you. If bankruptcy is your last option for financial troubles, visiting an attorney about it is best.

Gathering The Necessary Paperwork Can Be Overwhelming

Knowing what documents you will need for filing bankruptcy can be confusing. In most cases, your lawyer will tell you to gather the following paper work:

  • Proof of your income: You will need to bring check stubs for proving how much money you make. If you are self-employed, you will need to have the most recent copy of your tax returns.

  • Proof of your expenses: Having proof of your expenses is important for your lawyer to determine an accurate debt ratio figure. Your expenses can include your mortgage payment, car payment, utility bills and insurance premiums.

  • Proof of your assets: Having written proof of how much you have invested in your assets is another requirement for filing bankruptcy. Some examples of assets are the classic car you have paid off sitting in the garage or the summer home you have in the mountains.

  • A list of all your debts: Gather together all the most recent bills you have and place them in a folder with your other documents.

Once you have these documents gathered up, your attorney will go through them with you. He or she will make sure you have gathered all documentation required for filing.

Getting out of deep debt can be challenging and tough to handle. However, by hiring a reputable, experienced bankruptcy attorney, you will be on your way to financial freedom.