The chief reason for consulting with a bankruptcy lawyer may not be your decision to file the bankruptcy. Rather, the meeting will help you decide whether the bankruptcy declaration will be the ideal option for you in the present situation. The lawyer is the only person who can explain the legal facilities and connect the benefits to your financial status right now. Chapter 7 will be ideal when you have no money to repay the creditors, and you are in dire necessity of the stay order to stop harassment from the creditors. Chapter 13 is for you only when you are still working and can repay a particular monthly amount.
The bankruptcy attorney huntsville is not only going to share knowledge about the bankruptcy chapters. The assessment of your financial condition may help the attorney to find out alternative way outs without declaring bankruptcy at all. You are surely not aware of other alternative solutions. The lawyer will also help to judge whether you qualify for the suggested Chapter of bankruptcy. For instance, if you don’t have any income, you can never be eligible to apply under Chapter 13. Eligibility criteria are important as these can complicate cases.
Save your home
The bankruptcy declaration is not the ultimate tool to save your assets. You will still have the obligation to pay the mortgage. But as the other debts might get exemptions, you might be able to repay at least the mortgage without being in tremendous financial pressure. Chapter 13 works best when you have mortgage overdue. It will save you home and help you slowly repay the huge amount without affecting the standard lifestyle. But the lawyer also plays a crucial role in the listing of the assets while filing the bankruptcy. Incorrect listing is not good and may lead to loss of assets too.