Legal Attorney When Facing Bankruptcy

Reasons Why You Need a Legal Attorney When Facing Bankruptcy

When doors keep closing in your face and you find yourself falling off the cliff of financial stability, filing for bankruptcy can be your only way out. While, legally, you may file for bankruptcy on your own, seeking the guidance of a legal attorney is the best thing you can do. Does it make sense to waste this amount of money on an attorney when your financial situation is as strained as it already is? Yes.

Here 6 reasons why it’s completely worth the investment

Deciding if Bankruptcy is Your Best Option

How did you decide that filing for bankruptcy is, indeed, your best option? For all you know, it may not be. You may have other viable, and more effective, options that would remove the need of going through the daunting and draining bankruptcy process. You probably wouldn’t know of these options if you’re left to your own resources; on the other hand, an experienced attorney will lay down all your options for you. They’ll help you explore different debt-relief solutions before you go for the boss-level option of bankruptcy. If all other options are exhausted and they deem bankruptcy the best course of action, they’ll guide you through the following steps.

Deciding Which Bankruptcy Chapter to File for

There is more than one chapter for which you can file bankruptcy, each having its own terms and conditions. So would you choose to file a chapter 7, 11, or 13 bankruptcy? What’s the difference between these three chapters? What does “chapters” stand for anyway?

These are questions that an experienced attorney will provide answers for, in addition to guiding you through the process. It’s just as Michael H. Schwartz, a bankruptcy attorney in White Plains, states; the best attorney will sit down with you and understand the full scale of your situation. Next, they’ll explain which chapter is best for you, describing the outcome in detail for you. For instance, a chapter 7 bankruptcy may be best for those who have absolutely no income and are struggling with debt, while chapter 11 can help with reorganizing the debt and working out a repayment plan with creditors. How would you know what’s better for your needs while suffering the least damage? That’s what an attorney will answer for you.

Getting Help in Preparation

It’s not enough to decide on the bankruptcy chapter. Bankruptcy is a complicated and gruesome process that demands absolute attention to detail; you can never be sure you’ve got everything right on your own. With the help of the right lawyer, you’ll be able to settle on the means through which you’ll navigate across bankruptcy. You may be able to devise a repayment revision or conclude that there’s no other way than a complete discharge of debt. They’ll help you accurately evaluate your properties, look for ways to extenuate your charges and keep personal belongings during a chapter 7 bankruptcy. They’ll also alert you to the debts that won’t go away even during bankruptcy, so you can make a plan to pay debts like student loans or child support.

Legal Attorney When Facing Bankruptcy

Increasing Acceptance Odds

The truth is that not everyone filing for bankruptcy gets accepted. Unless you’ve provided complete, detailed, and accurate paperwork, there’s a high risk that your claim will be denied – just like how it always goes with any court proceedings. However, even more so than most legal claims, there is a lot of paperwork involved in bankruptcy. Calling upon the powers of an attorney will exponentially decrease the risk of denial, and you’ll be leaving the paperwork to someone who’s devised in the bankruptcy law’s intricacies, which will vastly increase your odds.

Getting Legal Guidance During Bankruptcy

Your bankruptcy attorney won’t leave you on the steps of the court, they’ll take your hand through the whole process. They’ll keep giving you their legal guidance to keep you aware of both your responsibilities and rights. They’ll take care of the paperwork, but they’ll also ensure that your testimony in court is accurate and correct.

Managing Creditors

You can never underestimate the power of an attorney. You’ll live this statement to its truest meanings when you’ve successfully filed for bankruptcy, yet you still find yourself ambushed by creditors unable to take the hint. In such a case, the power of an attorney can hold them in contempt in court if they don’t abide by the cease and desist letter your attorney had sent them.

Maybe you should consider filing for bankruptcy, after all. Yes, we know that there is a lot of stigma surrounding the topic, so there’s no way that the idea sounds remotely appealing. However, you won’t have to go through such a draining process on your own. After seeking the right attorney, you’ll be able to navigate through the steps of filing bankruptcy, ensuring you become debt-free while minimizing the damage you endure.

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