Email this page to a friend

Salem Bankruptcy Lawyers—Understanding the Process of Filing Bankruptcy

At one time, filing bankruptcy used to mean a fresh start for any person suffering from their mounds of debt. However, today, the government has made new laws that make filing bankruptcy harder and more complex than ever before. Gone are the days when you can take charge of your own bankruptcy. In today's world, if you are looking into filing bankruptcy, you should also be looking into finding a Salem bankruptcy lawyer.

Bankruptcy is not something to take lightly, it is not the answer to all of your debt problems, and it is definitely not something you can undertake by yourself. While our Salem bankruptcy lawyers may cost you some money, we will make this money well spent through our experience and expertise. We know just what papers to file, when to file them, and just what steps you need to take in order to successfully file for bankruptcy.

The first step during the bankruptcy process happens when your Salem bankruptcy lawyer will file a petition on your behalf. This petition includes a document outlining all of your debts. This petition will also outline the type of bankruptcy you are filing such as chapter 7, chapter 11, or chapter 13. The new laws have made filing this petition extremely complex and difficult that’s why it is your best option to let your Salem bankruptcy lawyer prepare and submit the petition for you.

The next step is called the automatic stay. This means that your creditors are contacted, generally via traditional mail service that you are filing for bankruptcy. With this law, your creditors cannot proceed with any action in regards to the debt in which you owe. Typically during this time, creditors are also barred from calling you or contacting you in any way with regards to collection of the debt.

Now, you and your attorney will need to meet with your creditors. It is important to understand that in many cases, your creditors will not actually appear at this meeting, but some do. This will just be a meeting in which questions are asked of you and answered to the trustee that has been assigned to oversee your bankruptcy case.

Because of the new federal laws, you are also now required to take a credit counseling course. This must be conducted with an agency that is approved by the trustee of the United States as a credible agency for credit counseling and must be done before you file bankruptcy in most cases. Again, your Salem bankruptcy lawyer can let you know all of the details as they apply in your specific state. Even though your bankruptcy filing may be caused by something other than financial mismanagement, credit counseling is still a requirement.

Going through a bankruptcy alone can be extremely difficult and complex for an individual. If you do not have the counsel of a qualified Salem bankruptcy lawyer, you may make an error, miss an important step, or make some other form of mistake which could render you completely unable to file bankruptcy at all. At the very least, it may mean that you have to start right back at the beginning which means a waste of time and money for you.

San Antonio bankruptcy lawyers

 

Use our free legal evaluator to see if you should contact Legal Helpers