A Bankruptcy Lawyer Can Give You Advice About What to File

Ascent Law LLC

Ch 7 bankruptcy attorney can give you advice about what to file

Whether you have been thinking about filing for bankruptcy, or are unsure about the process, you may be wondering what to do next. There are several things that you can do to get the most out of the bankruptcy process. Depending on your situation, you may need to consider a bankruptcy lawyer, as well as a number of different types of bankruptcy.

The first thing you need to do is pass the means test. The means test is designed to ensure that the debts you owe are not too large to be discharged. This means test will examine your disposable income, and determine if your debts are too large for you to be able to pay them back. If you have more than the median income for your state, you may not be able to file for bankruptcy.

Regardless of whether you file for bankruptcy, you may lose some of your assets. For example, you may lose your home if you have a lien on it. The trustee will then sell the property in order to repay your creditors. In some states, you may have the option to choose which property you want to keep and which you want to sell. However, in other states, you may have to sell all of your assets.

A bankruptcy lawyer will review your finances and assets, and may advise you of which assets are dischargeable. Some types of debt, such as alimony and child support, will not be discharged. The bankruptcy attorney will also examine any liens on your property. This is to ensure that you do not lose your home or other assets.

If you own a business, you may be eligible for other types of bankruptcy. This type of bankruptcy is often called a “repayment plan.” The bankruptcy attorney will help you evaluate your debts, determine whether they are dischargeable, and plan how to protect your assets. Some types of business assets, such as equipment and inventory, may be exempt from the bankruptcy filing.

If you are considering filing for bankruptcy, you may want to consider taking a course on credit counseling. You can do this online or over the phone. If you have any questions, you can call a credit counseling agency. Many of these courses are nonprofit and run by agencies outside the court system.

Once you have decided to file for bankruptcy, you will need to fill out forms listing your creditors, assets, and exemptions. You will also need to pay a filing fee. If you can’t afford the fees, you can ask for a waiver. You can also ask for tax refunds to help cover the cost of your attorney fees.

If you have a lot of debt, bankruptcy may be the best option for you. In many cases, you can get a discharge of most of your debts, even if you cannot afford to pay them. However, it can take up to four to six months for the debts to be discharged. This can cause stress and emotional turmoil.

If you need Bankruptcy Lawyer, please call this law firm for a free consultation.
Ascent Law LLC
8833 S Redwood Road Suite C
West Jordan UT 84088
(801) 676-5506
https://www.ascentlawfirm.com

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