Understanding When To Hire An Indianapolis Bankruptcy Attorney
Bankruptcy lawyer can help the individual who are struggling with debts.
The procedure of Bankruptcy allows the individual to eliminate a portion or all of his debts. Filing this case can give protection immediately under the bankruptcy laws & prohibits the creditor from taking further collection against the individual. Once the case has been filed and the individual has received the discharge, he will be no longer obligated to repay the debts. Bankruptcy is a big, emotional and a daunting task. Whether it was due to unemployment, health issues or bad judgment that has put the individual into a dire financial predicament, making the choice to file the case can be very stressful.
What is the role of the lawyer?
At the initial consultation, the lawyer will have an opportunity to assess the financial situation and understand the financial goals of the individual. Once the case has been evaluated the lawyer will discuss different debt relief options that are available to the individual. They will determine if filing the case is the right choice for which chapter is appropriate. Fees & payment plans are discussed during the initial consultation. After hiring the lawyer, they accept collection calls on behalf of the individual. Although the creditor is allowed legally to contact the individual until the case has been filed, they stop calling once it has been confirmed the lawyer has been hired. The lion share of work that the lawyer does on the case is the preparation, typing & filing of the petition. The petition is an exhaustive form that is filed with the court. Depending on the number of creditors, the forms can be as long as 40 to 60 pages. The lawyer will ensure that the individual will have an opportunity to review the petition before the case has been filed with the court to ensure all the assets & creditors are listed and there are no mistakes. The individual will file the finalized & signed petition with the court. Once the documents are filed, the individual will be under the protection of automatic stay & all collection activities by the creditors will stop.
How often to file the case?
Once the case has been filed through the bankruptcy attorney in Indianapolis, the individual cannot receive the discharge in either (a ) Chapter 7 bankruptcy filed within the last eight years and (b) chapter 13 bankruptcy filed within the last six years.
This article is written by Jared Andereson.With
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