Responsibilities of a Texas Bankruptcy Attorney
One of the biggest mistakes people commit when filing for any type of bankruptcy is not hiring a bankruptcy attorney in an attempt to save money or in thinking that they can do it themselves. However, more often than not this plan backfires and people end up paying more and throwing time and effort down the drain. If you are about to file for a Chapter 7, Chapter 11, or Chapter 13 Bankruptcy and are still weighing in on your need for legal help, below are the general responsibilities of a Texas BankruptcyAttorney should be able to do for you.
Bankruptcy Planning
Bankruptcy lawyers should always have the
best interest of their clients in mind. Before jumping into filing for
bankruptcy, they should be able to discuss all possible debt-relief options and
determine which one is the best choice. This includes explaining the benefits
and implications of each choice. Sherman Law Firm, P.C., a trusted bankruptcy
law firm in Fort Worth, Texas, for instance, offers all bankruptcy services and
at the same time provides debt counselling as well.
A bankruptcy attorney should also be able
to apply the means test as soon as possible to determine if their clients are
eligible for Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, and so on. Each type
is different and your lawyer should know which one is the right match for your
case. In some cases, attorneys can discuss alternative options wherein they no
longer need to file for bankruptcy at all and simply negotiating with
creditors.
Bankruptcy Preparation
It cannot be understated how much paperwork
one has to go through when filing for bankruptcy. If you are a client, you do
not have to go through the preparation phase alone. A bankruptcy attorney
should be able to gather one’s financial information, including debts, assets, recent
financial transactions, income, and properties and compile supporting documents.
You also do not have to worry about the
value of each and every property you own. It is a lawyer’s responsibility to
assess their clients’ property value and make accurate estimates. At the same
time all existing debts, loans, mortgages, and other liabilities should be
checked and declared. This information is very crucial for every bankruptcy
case.
Protection From Creditors
Many creditors still make phone calls to
check on the debtor or even resort to aggressive follow-ups, i.e. harassment
and continuous phone calls. Fortunately for debtors, the Texas court issues
automatic stay, an order protecting the debtor from collection activities
during the bankruptcy. Peace of mind during the entire process is one of the
best benefits one can every get from a lawyer. If the creditor violates the automatic
stay policy, they can be charged of contempt.
Post-Bankruptcy Guidance
The goal of every skilled and capable Texas
Bankruptcy Attorney should be to provide their clients financial peace during
the filing of their case and a fresh start towards financial freedom
afterwards. In order to achieve this goal, they should be able to provide sound
professional advice and suggestions on how they can rebuild their credit score,
manage their existing assets, eliminate debts responsibly, and not make the same
mistakes that led them to bankruptcy in the first place.
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