Decide the Best Route
Depending on your financial situation, you may qualify for Chapter 7 bankruptcy, in which eligible debts are discharged, or Chapter 13 bankruptcy, in which debts are reorganized. An attorney will review your information and determine which path makes the most sense, as well as suggest potential appropriate alternatives to bankruptcy.
Preserve Your Assets
Both types of bankruptcy allow you to keep certain assets, but you must follow the legal guidelines for eligible property exemptions. Your attorney can explain how you can keep your home, car and other assets and how this will affect your filing.
Complete and Submit Paperwork
Although you'll still need to gather financial documentation, your attorney will complete and submit the extensive bankruptcy petition on your behalf and file it with the court. This reduces the risk of errors and improves the chance that you'll be approved for a bankruptcy discharge.
Represent You in Court
As part of the bankruptcy process, you must attend a meeting of creditors at the local court. The trustee assigned to your case will ask you to explain the factors that led to your financial situation and confirm details about your income and debts. Your attorney will accompany you to this meeting and may also speak on your behalf if you authorize him or her to do so.
Deal With Creditors
Once you file for bankruptcy, creditors are no longer allowed to contact you. If you hire a Thousand Oaks bankruptcy lawyer, you can direct bothersome creditors to contact your attorney.
If you decide to file bankruptcy without an attorney, make sure you have a thorough understanding of bankruptcy regulations. This is advisable only if you have a good legal background and a relatively simple Chapter 7 case.