Chapter 7 Bankruptcy: What Is It And When to Hire a Lawyer?
If you file for bankruptcy, then it will help to get the finance in shape. Since bankruptcy filing are legal matters, therefore, you may not be able to handle this process all by yourself. You may file the case without any help but generally, experts suggest hiring a chapter 7 bankruptcy lawyer.
It is especially true if you live in Oklahoma because the courts deal with this type of case extremely strictly in this state. Here, we have shared how you can understand when to contact a bankruptcy attorney and what to expect.
What are the Types of Bankruptcy?
According to the United States Bankruptcy Code, there are six types of bankruptcy. But if you file for bankruptcy all by yourself, then it may fall under two categories: Chapter 7 and chapter 13.
What is Chapter 7?
This type of bankruptcy is also referred to as wiping out debts or liquidation bankruptcy. This is designed for those Who have failed to make monthly debt payments. The court appoint a trustee to sells your assets and distributes the money to the debt collectors under this law. The assets can be household furnishings, cars and other valuable items. This law can release you from all the debts by selling your properties.
Who is a Bankruptcy Lawyer?
The attorney provides valuable information and basic ideas about bankruptcy to his or her client. The experts also prepare legal documents and fight for the client in court. The lawyer must have a license to do business legally in any particular area.
In What Way Can an Expert Guide You?
Type of bankruptcy you fall under.
To file for bankruptcy.
What types of debts can be eliminated?
How the entire procedure works?
Which forms should be completed?
When Do You Need a Chapter 7 Bankruptcy Lawyer?
1. You Don’t Know Anything About Bankruptcy Case
It would not be a good idea if you represent yourself in court. Instead of doing that, hire a lawyer who can give you legal advice if required.
2. You Don’t Want to Hear Anything From Debt Collectors
There is a high possibility that debt collectors will constantly bug you. In that case, the attorney will deal with themselves. The debt collector has to communicate with the chapter 7 bankruptcy lawyer, not you.
What Can You Expect From the Expert?
A written contract between the attorney and you.
The lawyer may give you a required documents to fight for the case.
A payment arrangement.
You can share your opinion about the skill of your lawyer.
Seek Legal Advice
Filing for bankruptcy is indeed an extremely important decision. A bankruptcy may remain on your credit report for approx. 10 years based on the type of bankruptcy. Therefore, you need to hire a chapter 7 bankruptcy lawyer very carefully. If you learn more about it, then contact us at Reneau Law Group in Oklahoma.
**Disclaimer: The above article does not imply a relationship between attorney and client, nor does it aim to provide any legal advice.