Deciding to go for bankruptcy is not only an emotional, but daunting decision. Regardless of what led to this decision, a bankruptcy attorney can assist you throughout the entire process. A well-chosen bankruptcy law firm in Chicago will be responsible for the following tasks.
Consultation
Before you file for bankruptcy, an attorney can help you consider all the options available that can prevent impending bankruptcy and give you financial freedom again. In case viable alternatives exist, then the lawyer can advise you to take them rather than choosing to declare bankruptcy. This way, you are guaranteed of making the right decision.
Managing Creditors
Even if you may not have filed for bankruptcy, the moment you hire a lawyer, he/she should be able to handle you creditors. You not only get your peace of mind at such times but have all your creditors advised accordingly.
Filing Bankruptcy Petition
The main responsibility of the lawyer is preparation and filing of a bankruptcy petition. This process involves filing a lot of forms which the lawyer can guide you through. In case you have a lot of creditors, it is possible to have even up to 30 different forms that you need to fill. Once all forms have been completed, the lawyer then deposits them with the bankruptcy court.
Preparation for the 341 Meeting
Upon filing for a bankruptcy petition, you are required to meet your creditors within about 45 days. This meeting is essential for the trustees to establish if you have genuine reasons to apply for bankruptcy. Therefore, your attorney will help you to prepare adequately for all the questions that you may be asked and ensure that you carry any documents that may be necessary.
Signing Reaffirmation Agreements
In case you have any secured property that you would want to keep, it’s the role of your attorney to negotiate and review any reaffirmation agreements before signing them. Furthermore, they can help you file for redemption motions that can lower some of the debts that you choose to continue servicing.
Given all these responsibilities of a lawyer, you must hire an experienced bankruptcy law firm in Chicago in order to get all the support that you need. Browse the website to know more.
