Once you decide to file for bankruptcy, you want to make sure you are an empowered, informed, proactive part of the bankruptcy process. This involves knowing the right questions to ask your bankruptcy lawyer so you can use your time together efficiently. Below, three of the more important questions to ask are discussed in more detail.

What to Ask Your Bankruptcy Lawyer

1. Should I File for Chapter 7 or 13?

Chapter 7 is a discharge of debt; to qualify, you must first pass a means test that determines whether you can realistically repay what you owe. Chapter 13 bankruptcy is a debt restructuring in which you repay your debt over an extended period. If you're unclear which type you should pursue, your bankruptcy lawyer can give you professional advice on where you will find the most benefit. Those with minimal or no income fare better with Chapter 7, while those with moderate or high regular incomes can meet the requirements of Chapter 13.

2. Can I Keep My House?

If your home is in foreclosure or the threat of foreclosure is imminent, decide whether to sell or try to hang onto your house. Your bankruptcy lawyer will help you make a decision, but since foreclosures can be long and involved, pose this question as soon as you choose to file. One benefit of bankruptcy is that a temporary stay is issued on any foreclosure action currently in process against you. Work with your attorney to come up with a plan for your home.

3. What Will My Financial Commitment Look Like?

If you are in bankruptcy, money is likely an issue. You have every right to know what your financial commitment regarding filing bankruptcy is going to look like. Do you know how much and how often your bankruptcy lawyer charges? Are you aware of all court costs and fees? Can your attorney give you a ballpark total on how much your bankruptcy will eventually cost? These are important issues to understand.

You can help secure your financial future by asking a few pertinent questions. If you are ready to take the next step and start your bankruptcy filing, trust Pray Law Firm PA. They proudly serve clients throughout the North Little Rock, AR, area. Call (501) 771-7733 or visit their Facebook page for more information about their services or to schedule an appointment with a bankruptcy lawyer today.