Many Americans who end up in financial difficulty have found that they don’t take someone’s advice very well. You can’t lump everyone into a pile saying everyone who has to file bankruptcy doesn’t listen, but many of them could have been told where they were going before their financial fiasco. If someone were to tell you that the best advice for success in filing bankruptcy is to listen to what the bankruptcy attorney has to say and do it.
First, it is important that the person filing for bankruptcy pay close attention to detail. This includes sitting down with the bankruptcy attorney and listening to the bankruptcy trustee at the 341 meeting. There may be some information in there that could change the direction of the bankruptcy filing if not followed to the letter. Most lawyers don’t like to waste words, so what they have to say is often very important. When the bankruptcy attorney asks for certain information, don’t ignore it, but find out exactly what he needs. To keep your relationship happy, it’s best to follow the rules and be honest with all your information. Bankruptcy petition preparation can be very tedious, so be sure to gather all the required documents at the same time. The last thing a bankruptcy attorney likes to see is someone who is unorganized bringing documents and bits and pieces.
Along those lines, another thing to remember is that honesty is the best policy when filing bankruptcy. The last thing an attorney wants is for the client to withhold information, only to find out that the bankruptcy trustee has obtained this information and presents it to them during the meeting of creditors. This is where the bankruptcy filing will go south quickly.
Next, the person must be patient. Filing for bankruptcy is not something that can be completed in a couple of days. Depending on the workload of the law office and the priority of the bankruptcy filing, it will generally take a few weeks to prepare the bankruptcy petition. After filing, the entire process will take 4-6 months when Chapter 7 bankruptcy is filed and 3-5 years when Chapter 13 bankruptcy is filed. Typically, most people file Chapter 7 , which means that a bankruptcy discharge can be achieved in less than six months. And in that shell, a Chapter 7 is best for people with large amounts of unsecured debt, while a Chapter 13 bankruptcy is king for a person trying to hold on to real estate and property. Whatever the Chapter, although it is not legally necessary, it is best to be represented by a lawyer.