Filing for bankruptcy is a situation that you hope never to end up in. However, as life unfolds, it is possible to end up in a situation where you are declared bankrupt. The process of filing for bankruptcy can be scary, emotional, and intimidating. Considering the stigma that may be surrounding the process, you may consider going through it on your own. However, due to reasons such as inadequate knowledge and understanding of the legal process, it is advisable to hire a bankruptcy lawyer who will walk you through the process together. Although you may be hesitant to hire a lawyer due to your already strained financial situation, working without one may cause more harm than good. Below are the reasons why hiring Chicago bankruptcy attorneys at Chicago Consumer Law is a favorable decision.
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They May Have A Better Option
Ideally, bankruptcy is always the ultimate solution after you are out of options on how to clear your debts. However, although you may be sure that this is the last option, there may be other ways out that you had thought about. With the help of your bankruptcy lawyer, it is possible to visualize such possibilities and come up with the best idea. In this case, the lawyer will advise of a more manageable way to clear your debt. If you are in a situation where your debts have become unmanageable, then the lawyer will recommend you to file for bankruptcy and direct you on how to go about it.
You Get Expert Advice
As mentioned above, filing for bankruptcy is a steep path. There are many legal steps to follow, not to mention the stress of the financial strain. In the course of these processes, any mistake that you make could make the situation more complicated. Therefore, you will need a bankruptcy lawyer who has experience in the area to take you through the process. The attorney will advise on some of the common mistakes made that you need to avoid. On the other hand, an excellent personal bankruptcy lawyer will help you determine the most beneficial path based on your financial situation. They protect you from making mistakes that could cost you a fortune, such as failing to disclose an asset.
Helps You With Your Paperwork
As you go through filing for bankruptcy, large amounts of paperwork to be filled is inevitable. The act of avoiding any of the documents that you need to fill or giving the wrong information will make the process more complicated. Additionally, it would help if you gathered different kinds of supporting documentation to accompany your application. When you have a good lawyer, they will help you fill these documents and do it in the right way. On the other hand, a bankruptcy lawyer will help you gather all the materials needed for evidence. Therefore, when you have a lawyer, then you merely process the gathering and preparing all necessary evidence.
You Increase Your Chances Of Acceptance
When filing for bankruptcy, you don’t need to have a lawyer. However, when you have a lawyer, then you have better chances of acceptance. That is because the lawyer will help you prepare your case to increase your chances of winning. Additionally, the lawyer is knowledgeable and experienced in bankruptcy law. Therefore, they will ensure that you file for the right bankruptcy based on your financial situation. Although it is still possible to win the case even when you are working without a lawyer, having a lawyer by your side will be way better.
Protect You From Harassment
One of the issues that you could be dealing with making you consider bankruptcy is harassing phone calls. That is primarily from the creditors whose debts you are unable to pay. Luckily, when you have a lawyer, they can protect you from repossessions or wage garnishments. Your attorney will contact your creditors on your behalf and save you the stress and pressure. Additionally, you can direct all calls or messages to your lawyer, and they take to them instead of harassing you. This way, you can concentrate on the process of filing for bankruptcy without pressure.
Filing for bankruptcy is a long process that will drain you, especially if you are going through it yourself. With the continually changing bankruptcy laws and procedures, getting help from a lawyer will help you avoid making a mistake that will lead you to a bigger financial hole. Above are ways through which you will benefit by hiring a bankruptcy lawyer when filing for bankruptcy.