There are times in business or other personal transactions when a person may find their debt getting overwhelming. In case you are in a situation where you are struggling too hard to remain solvent, the law provides you with the chance to file for bankruptcy and get some sort of debt relief. However, to have an easier time and to increase your chances at success, think about hiring a bankruptcy attorney in Mooresville NC. Here are some reasons these lawyers are important.
The following are the steps that a bankruptcy filing goes through:
1. You as the person that is filing for the bankruptcy will have to file for bankruptcy by filling in the application form with the appropriate bureau. In the application, you will have to prove that you deserve debt relief. This will include getting your income and expenditure, the number of creditors you have and what you owe them, prove that you cannot pay even a quarter of the debt in five years and other related evidence.
2. The concerned officers will review your case and make sure that you have met all the requirements for the success of the filing. In case you convince them, your petition will be granted. On the other hand, if you make mistakes, the petition will be rejected.
3. After the approval, the judge will order a stay on all your assets. This will mean that creditors cannot try to do debt collection from you and that they cannot sue you. Also, in chapter 13 bankruptcy, a looming foreclosure may be averted.
4. The proceeding will begin. During these proceedings, the judge will ensure that you have joined an appropriate debt counseling class and that you have come up with a plan to repay the debts.
These are the steps followed in filing. To avoid the many hurdles and pitfalls that are part of the process, you need to have a very competent lawyer working with you. They will help you avoid errors that lead to disqualification and litigate for you if need be. Bankruptcy Attorney at Lake Law Office PLLC of Mooresville NC is one great place to start looking for a competent lawyer. Lake Law Office PLLC will give you the best Bankruptcy Attorney in Mooresville NC. Go to website URL for details.