subject: Reasons Why You Should Seek A Bankruptcy Attorney [print this page] If you are in deep financial trouble, you need to consult a bankruptcy attorney to help you solve your dilemma. Filing for bankruptcy yields long-lasting effects on your business, life, and finances. Just like all legal matters, the processes of a bankruptcy case can be daunting and complicated. This is why you should obtain the services of the right bankruptcy lawyer.
To Help You Decide What Type of Bankruptcy to File
The expertise of a bankruptcy attorney can help you decide whether you need to file Chapter 7 or Chapter 13 bankruptcy. Chapter 7 is for those that do not have the ability to pay back debt and to want surrender some of your non-exempt assets to the Bankruptcy Trustee. Chapter 13, on the other hand, protects your assets if you have the power to pay back your debts within 3 to 5 years. While many people believe that Chapter 13 is the better repayment option, some aspects of income and liabilities may be overlooked when working without the assistance of a good bankruptcy lawyer.
To Protect You from Creditor Harassment
Creditors can be quite annoying especially if you have significant debt. When they know you have a bankruptcy lawyer creditors tend to be less threatening. A bankruptcy attorney can initiate an automatic stay on creditors to prevent them from harassing you. He can also devise the necessary proposal and arrangements to help you settle your debt efficiently.
To Avoid Costly Filing Errors
Filing for bankruptcy involves extensive paperwork, and it is easy for debtors to make innocent mistakes in filing. Unfortunately, the court does not overlook filing errors, and you could be subjected to heavy questioning. With the expertise of your bankruptcy attorney, you can rest assured that you have all the necessary resources and information to help you complete the paperwork correctly and quickly.
To Defend Your Rights
You and your creditors have certain rights in the bankruptcy process. Your bankruptcy attorney will explain to you the Bankruptcy Code, as well as your legal rights and responsibilities as a debtor. Your lawyer can also protect your properties from the creditors. Knowing your rights and understanding the bankruptcy process can help you preserve your peace of mind.
The urgency to hire the services of a bankruptcy attorney is clear and proves to be very beneficial if you are filing for bankruptcy. Otherwise, it will be more difficult to recover financially.
