Many Americans are suffering financially. One in three Americans carry debt, with many people owing as high as hundreds of thousands of dollars to various money lenders. This debt can be crippling and prevent a true and happy day to day life.
When it comes to getting out of debt, filing for bankruptcy can sometimes be the most sensical way out. There is nothing like the relief the completion of a bankruptcy claim can bring. But as any bankruptcy attorney could tell you, beginning and working through the process is no easy matter.
That’s why having an attorney on your side who understands the process can be so vital. How can they help, and what services can they provide to you? Read on, and we’ll walk you through everything you need to know about bankruptcy attorneys.
Experience and the Ability to Evaluate
You’ve never had to file for bankruptcy before, most likely. That means this whole terrain is brand new for you, and you may have no idea how to navigate the process and move forward in an efficient manner.
This is also the most difficult time in your life and you may have trouble thinking straight. Having someone else to rely on during this difficult process can be essential to the completion of the task at hand and your mental stability.
Your attorney can fill in all the gaps of knowledge you may have in approaching your case. Unlike yourself, they’ve been through the bankruptcy process with clients countless numbers of times. They’ve studied the subject and should know the laws in and out.
They can be your well-experienced guide in applying for bankruptcy. This means you won’t have to worry about missing deadlines, or having to decode legal jargon on your home. The law can be complicated, but having someone who’s seen it all before can be a huge assistance.
Because of this experience, a bankruptcy lawyer will also be able to accurately gauge and explain the difficulty of your case to you. This will all depend on what kind of bankruptcy you’re filing for, whether you can sell any of your property, and whether you own a small business or not.
It can be best to try and find a bankruptcy attorney who has handled clients who have been in a similar situation to you in the past. An experienced attorney an even save you money, preventing you from paying fines for missed deadlines and other mistakes.
Services a Bankruptcy Attorney Will Provide
When you hire a bankruptcy attorney, you should expect certain services in exchange for your payment. Prime among them should be attentiveness and competence as it pertains to your case.
This means that your attorney should be able to give you reasonably sound advice on what your best legal moves would be. That includes if whether a filing is a smart choice, what to expect during the process, and how to approach bankruptcy in a way that would be most advantageous to you.
They should be able to point out any possible risks or big difficulties.
A bankruptcy attorney will also be able to take care of a great deal of paperwork that comes with the process. Not only will these attorneys understand the ins and outs of this paperwork, but many have software that can greatly simplify the process of filling it all out.
You will have to provide a good deal of information to an attorney, including your income, expense, and debt details. But they will be in charge of using this information to complete your application.
Your lawyer will also take the time to represent you at the various hearings that make up the bankruptcy process. There is a mandatory hearing for all that apply for bankruptcy, but there may be others as well depending on your situation. Your attorney can advise you on how many hearings you should expect for your particular case.
Chapter and Chapter 13 Bankruptcy Filings
One of the best things an attorney can do is help you decide what kind of bankruptcy to file for. They can help you compare and decide between Chapter 7 and Chapter 13 filing options. They will do this by examining the size of your debt, the assets you are willing to lose, and your ability to produce future income.
Once you’ve landed on a specific plan, an attorney can help work you through the best possible options for your case. If you go with Chapter 7, an attorney can help you protect your assets and ensure you don’t lose anything deeply important to you.
If you go the Chapter 13 route, an attorney can help to produce a payment plan that works for both you and your creditors. They can help you land on monthly payments that won’t break the bank that will allow you to get back on track with your life.
Depending on which route you go with, you might also consider how your bankruptcy filing will affect other areas of your life. Your business, your collaborators, and even your spouse might all be affected by this decision. An attorney, like those from this law firm, can walk you through these potential impacts. They can help you navigate the complicated web of legal requirements.
What to Expect From a Bankruptcy Attorney
Running to the end of your rope can be a terrible position to be in. But working with a bankruptcy attorney can mean a lot during this very difficult period of your life. They can help you handle the long road you have ahead of you.
Have more questions about the process? Check out our bankruptcy page for more.