Once people file for bankruptcy, they have to file countless pages of financial data containing highly specific details. From how much debt they owe, their monthly incomes, expenses, recent financial transactions, to a list of owned assets – several highly-specific details need to be shared with the court once you file for bankruptcy. Plus, most people don’t even know what type of information they need to disclose to the court or value their assets accurately. Bankruptcy attorneys help people going through these challenges take the right steps. They help them evaluate their assets, complete the paperwork, and apply all the applicable exemptions to get the best deals possible.
A Constant Guide Throughout the Process
The best bankruptcy lawyer will guide his/her client throughout the bankruptcy case. They help their clients mentally prepare them for the upcoming challenges. Testifying in front of the court is widely considered to be a huge challenge for financially stressed debtors. Bankruptcy attorneys help their clients provide accurate, detailed, and truthful testimonies in front of the court. Once the court realizes that the clients’ information is accurate, the rest of the process becomes a lot easier. By taking these steps, bankruptcy attorneys are able to acquire automatic stay orders on the creditors.
Long-Term Assistance Even After the Case is Over
Creditors are legally required to obey all stay orders and quit their collection efforts. Bankruptcy attorneys appropriately handle creditors who violate this rule. For instance, a bankruptcy attorney may ask the court to hold the at-fault creditors in contempt and reduce the fines or repayment amounts. These experts of finance and law also help their clients regain their financial footings in the post-bankruptcy stage. For instance, if creditors attempt to collect debts that were eliminated by the bankruptcy filing, a bankruptcy attorney will hold them responsible for their illegal actions.