Making the decision to file for bankruptcy is not one to be taken lightly. Many things come into account and mistakes can be made easily without proper guidance from a bankruptcy attorney. It is never advisable to file without professional legal guidance and Ryan E. Simpson P.C. is qualified and ready to help.
A Bankruptcy Attorney Can Make All the Difference
One of the most common mistakes in filing bankruptcy is waiting too long to file. Bankruptcy is one way to eliminate your debt and start over fresh, and the sooner you start your filing, the better off you will be when the process is complete.
There are several types of bankruptcy available, but the most common are Chapter 7 and Chapter 13. Both options will help you get out of debt, but they are vastly different processes and each have different outcomes. Filing the wrong type can prolong the process or can lead to a less than desirable result. An expert bankruptcy attorney will know after talking with you which the best option will be for you.
Don’t Be Afraid To Take A Decision
Many fallacies surround the very idea of bankruptcy–many people refrain from filing because they don’t understand what happens and fear the unknown. Bankruptcy should not be discounted as a viable option until legal guidance has been sought out. Ryan E. Simpson is here to help alleviate your fears and guide you through filing.
Once you have decided to file, your bankruptcy attorney will advise you to curb your spending. Accruing more debt before filing can raise red flags and your case could not go the way you hope if the courts feel bankruptcy fraud has been committed. In the event that you have filed, it doesn’t mean that you can continue to rack up more debt; you may still be required to pay back a portion of your debt.
Sometimes, the temptation to protect assets may prompt some people to try to hide them or transfer them to someone else so their property is not taken. This is never recommended and it’s always best to be up front and honest with your attorney from the very beginning. Having your case dismissed after you have spent money and filed can be a crushing blow to what you hoped would be your way out of the deep waters of debt.
Don’t Go It Alone
The process is complex and difficult; there are forms and paperwork, documents to submit, pay stubs, tax returns, and bank statements. If anything is missed or left out, it can delay or halt your filings. A bankruptcy attorney is learned in exactly what is needed to file and finding one you can trust with your sensitive financial situation is crucial.
Your attorney will also help you figure out which exemptions you are allowed to claim. Knowing what you are allowed to claim and what you are required to report can help you retain more of your assets and that is exactly what a good bankruptcy attorney will do for you.
Do Your Part
Credit counseling courses are a required part of filing for bankruptcy; you must complete the courses before the court will take your case. Failure to complete them results in your case being dismissed, and after filing, debtor education classes are ordered.
A hearing will be set after you file, known as the 341 hearing, and it is a meeting of your creditors who may have questions for you. Because it is a legal case, you will be under oath and you must attend with your bankruptcy attorney.
If you are in the Salt Lake City area and considering filing, contact the Law Offices of Ryan E. Simpson today and let him get to work for you resolving your debt and getting you back on track to a positive financial situation.