Often, people believe that they can proceed with filing a bankruptcy petition without the guidance and assistance of a bankruptcy attorney. However, this will not be effective as the bankruptcy law goes on changing with time. Only the attorneys who are specialized in bankruptcy law will be well versed in this law, and they are very important to handle your petition. Moreover, the bankruptcy laws will vary from one state to another. Such an attorney will guide you throughout the laws and help you make the most of the bankruptcy claim. A lawyer can save your assets from being liquidated.
A bankruptcy lawyer from a reliable law firm like Cain and Herren will sit with you and help you find out the chapter of bankruptcy that will suit your financial situation. There are two types of bankruptcy chapters – Chapter 7 and Chapter 13. The former requires you to liquidate your non-exempt assets to pay the debts. The latter involve a trustee appointed by the court, and the attorney will develop a repayment plan. The lawyer will inform the debts that you claim under the bankruptcy case and the ones that you cannot claim.
The lawyer will analyze your current financial situation and recommend the options that you have and the best one that will suit you. To make the recommendations, the bankruptcy lawyer you choose should be well experienced, and he or she should have a great level of legal knowledge. Sometimes, such lawyers will suggest an alternative to bankruptcy and recommend that you do file a bankruptcy petition. Filing a bankruptcy petition involves a great deal of paperwork. Only an attorney will know what papers you should fill and when these should be submitted. Irrespective of the reason for filing the bankruptcy petition, you should hire a lawyer specialized in the bankruptcy law to guide you throughout the process.