Bankruptcy is often the first thing to cross your mind when you try to avoid falling into an abyss created by unmanageable debts. As more and more people struggle to solve their financial problems, filing for Chapter 7 or Chapter 13, bankruptcy seems the only possible option. With budgeting as a major concern, some people opt for a DIY approach without thinking of the consequences. Despite what you may think, in reality, filing bankruptcy without an attorney is a way past risky as it can worsen your situation instead of straightening things out. Our expert attorneys will help you properly file chapter 13 bankruptcy. Let’s check here.
If you are about to make one of the most important financial decisions in your life, do not rush into this complicated process without an expert on your side. Here are some reasons why you need a lawyer when filing for bankruptcy.
Chapter 7 vs. Chapter 13
While both options are created to help individuals solve their financial problems and manage debts, each variant has its pros and cons, and, of course, a lot depends on your specific circumstances, the nature of your debt, and your ultimate goals. Simply put, Chapter 7 may oblige you to liquidate certain assets (that’s why it’s also called liquidation) to repay creditors. However, if you have an efficient bankruptcy strategy, chances are you will be able to keep much of even all of your property, taking advantage of a pretty fast and uncomplicated process.
On the other hand, Chapter 13 of the U.S. Bankruptcy Code is an alternative to liquidation for people with a stable income but without capacities to meet creditors’ demands for immediate payments. Even though far more complex, the Chapter 13 process is definitely worth a shot if you want to keep your property and assets while paying off your mortgage under a special reorganization plan.
Why You Need a Lawyer
It’s no secret, creditors can’t wait for your slightest mistake, and it is so easy to overlook significant details if you do not have specific knowledge and expertise. There is a multitude of rules, regulations, and various procedures that you need to be familiar with, some of them can vary from state to state. For instance, people who live in Philadelphia or the surrounding suburbs are intended to deal with the United States Bankruptcy Court for the Eastern District of Pennsylvania, where they have to submit a check of a lot of different forms. As incredible as it may seem, even the smallest error made in the absence of a seasoned Philadelphia Bankruptcy Lawyer can turn into a complete disaster. People risk losing their property that could have been saved or even having their case dismissed.
In addition to that, it’s very important to understand all ins and outs of bankruptcy laws to make the most of your case and ensure desired results. Most people have no idea how to act when creditors try to violate their legal rights or what to say at numerous hearings and meetings they have to attend. Fortunately, there are experts who know all that and even more.
Having unmanageable debts is enough frustrating and complicated, therefore there is no need to make the situation any worse than it has to be. If you want to solve your problems and get back on track, make sure you’re ready to face all challenges with an experienced lawyer on your side.