Being in debt can be stressful; in fact, it can be downright traumatic and affect almost every part of a debtor’s life. Outsourcing, underemployment, unemployment, rising consumer prices, and increasing interest rates have all lead to thousands of people being in this situation. To get out from under a load of debt and start a new life, a person can use the services of a chapter 7 Lawyer. These guidelines can help prepare for an initial visit.
Before seeing a chapter 7 lawyer, a person should learn the basics of this debt relief solution. Bankruptcy is a legal status granted by a federal bankruptcy judge, which allows a debtor to find financial relief through liquidation of approved assets. A debtor does not have to file a plan of repayment with this chapter of the Bankruptcy Code, but instead, a trustee of the court will sell a debtor’s nonexempt assets and distribute the proceeds among the debtor’s qualifying creditors. Learning about this type of bankruptcy will make it easier to communicate with the lawyer.
It’s beneficial for a debtor to be ready to answer certain questions about the events that lead to being in debt; this will help the lawyer understand a person’s overall situation. A person should not be embarrassed about answering these questions because the majority of lawyers have heard many problems. Also, part of being a lawyer is implementing confidentiality when dealing with clients, so with this in mind, a person should not worry about his personal information being learned by other individuals.
A debtor should bring a list of questions to ask the lawyer along with certain documents such as the last three years’ tax returns, the last six months’ credit card bills, and the last six months’ paycheck stubs organized into folders. This will make it easier for the attorney to review the information.
It’s essential to remember that a lawyer often works on a limited schedule, so being prepared for an initial visit will show a lawyer a debtor’s willingness to do his part in a bankruptcy. It will also help form a mutually beneficial business interaction with the lawyer so a debtor can have a favorable outcome on his case. Interested persons can visit Stlbankruptcyfirm.com to learn more about the services offered at this law firm.
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