A mock bankruptcy filing is a tool that consumers can use to prepare for Chapter 13 proceedings. If you are like many people, the prospect of filing for bankruptcy may cause anxiety triggered by uncertainty.
Instead of wondering if a Chapter 13 filing is in your best interest, hire a bankruptcy lawyer in Florida to prepare a mock filing. The information you glean is invaluable with regard to the strategic handling of assets, debts, and more.
What Is a Mock Bankruptcy Filing?
A mock bankruptcy filing is an opportunity for you to experience a simulation of the court proceedings before making a substantial commitment. They are similar to mock trials or moot courts, but model after the U.S. Bankruptcy Court. Decisions made in a mock bankruptcy court are not legally binding.
Your bankruptcy attorney will assemble your case as if it were going to be filed with the bankruptcy court. Then, we offer a report that details our findings and predicted outcomes based on the facts and experience.
Who Runs Mock Bankruptcy Courts?
Law schools and professors will typically utilize mock bankruptcy courts to expand upon their student’s education competitively. However, businesses, like Florida bankruptcy law firms, may offer them to clients as a means to analyze best- and worst-case scenarios.
Why Participate in a Mock Bankruptcy Filing?
Mock bankruptcy courts provide benefits to participant filers as well. Ultimately, it is your chance to experience the process without an emphasized anticipation of the outcome.
Some benefits of a mock bankruptcy filing further include:
- Reassurance: A mock bankruptcy eliminates the ‘what if’ aspect of filing. Even if you are relatively clear on your position, there are benefits to the process. Engaging in a simulation model may also reduce anxiety surrounding the actual filing.
- Case knowledge: You have the chance to see your case from different angles after going through a mock bankruptcy filing. It can help you understand your finances better while receiving a comprehensive analysis before you formally file for bankruptcy.
- Simulated outcome: Using experience and legal knowledge, your attorney provides the best- and worst-case scenarios in your analysis, including means-testing, 341 meetings, and repayment plans. We will also consider your asset exemptions and the bigger financial picture.
While a mock bankruptcy filing is not necessary for everyone, it is helpful for more complicated financial situations, including those with a higher net worth or numerous real property interests.
Speak with a Bankruptcy Lawyer
Bankruptcy is a significant financial event. While the process is something that most people want to put behind them, learn the most about your case before you file. Doing so can lead to fewer mistakes and more in-depth insight when you decide to take a step forward.
You do not have to give up your exempt assets, nor should you have to accept an unreasonable repayment plan. Contact a Miami Bankruptcy Lawyer at Miceli Law, P.A. to help you and your family navigate these challenges and start rebuilding toward a better financial future.
Contact us now for your Free Bankruptcy Consultation by calling (305) 515-5928. You are also invited to message us about your case here.