There are two different types of bankruptcies, which are referred to as Chapter 7 and Chapter 13. Click below and start your search for a Bankruptcy Attorney.
There are benefits and drawbacks to each type, and without the council of a bankruptcy lawyer, you may not choose the best option.
They Know Which Chapter Is Better for You
While Chapter 7 allows you to wipe out all unsecured debt, Chapter 13 allows you to pay back your debt over time. Chapter 7 is harder to get, but Chapter 13 may not actually reduce the amount you owe.An experienced bankruptcy attorney will help you analyze the advantages and disadvantages to each chapter and how they apply to your circumstances. They will council you on which chapter is more appropriate for your situation. If Chapter 7 turns out to be the one your lawyer believes will help you the most, they will be able to walk you through the process and give you suggestions on what documents you will need to produce to qualify for that chapter.
They Already Know the Legal Process
Bankruptcy lawyers are already knowledgeable about the bankruptcy process, whereas this is probably the first time you've had to deal with these procedures. If you try to file bankruptcy on your own, there is a good chance you could miss a deadline or forget to file a document, which could end up delaying your bankruptcy. You certainly want to get this process over with as soon as possible, and a lawyer can help you do just that.From meeting deadlines to knowing the ins and outs of the legal process itself, bankruptcy lawyers can provide you with the proper knowledge you need to put yourself in the best situation you can when you emerge from bankruptcy. Certainly, you can research the process yourself, but hiring a lawyer who doesn't need to research can save you a significant amount of time and stress. You can get through the entire process more quickly by using a lawyer.
They Deal With Your Creditors
If you're considering bankruptcy, you probably have quite a few creditors contacting you in an attempt to collect your debts. This is undoubtedly stressful and can make you dread answering the phone or reading your mail. Fortunately, when you hire a bankruptcy lawyer, the harassment from your creditors will stop because your attorney will contact them for you and explain what is happening. Your stress levels are sure to steeply decline once you've hired your attorney.Even if you do receive a call from a creditor after you have retained representation, you simply have to tell them to contact your lawyer and provide them with your attorney's contact information. After that, they should not be contacting you again. Your attorney's job is to communicate on your behalf with your creditors and they take that responsibility seriously. They do not want you to get harassed and will get it to stop.
They Will Save You Money
Most people who try to file bankruptcy on their own do so because they are already in a poor financial situation and think that paying a lawyer will just make things worse. However, this is a myth, and hiring a bankruptcy attorney will probably actually save you money in the long run. First, having a lawyer will result in you receiving the best possible outcome in court because they already know how to negotiate successful bankruptcies.Second, with a lawyer, you are going to get through the bankruptcy process a lot faster than you probably would on your own. This is mostly because you won't have to research everything before you take action, but it's also because your attorney won't make any costly mistakes that could result in delays or even dismissal of your case. Yes, you will have to pay for a lawyer, but it will be well worth it in the end.
They Have Better Odds of Success
Since bankruptcy lawyers only deal with bankruptcies, they already know any tricks or insider tips to success that you aren't going to know, especially if it's the first time you've declared bankruptcy. Perhaps they know the proper language to put on your application that is more likely to sway the court in your favor. Or, maybe they have specific experience with a judge and can tailor your response to them. These little things can make a big difference in success.You just don't have time to get up to speed on everything a professional bankruptcy attorney knows about the field. Their experience and knowledge is simply immeasurable when you think about how long they've practiced compared to what you're able to learn from the Internet in a few months' time. Your case should be handled with care by someone who fully understands the process and is dedicated to making the journey easier for you.
They Won't Commit Fraud
Of course, you'd never intentionally commit bankruptcy fraud because you are trying to resolve your debts, not make them worse by ending up in jail. However, there are so many rules to declaring bankruptcy that it can be easy to make a critical error, even if it's unintentional, that the court may view as fraud. For instance, you have to list all your assets properly and you have to ensure you're not hiding any money from the bankruptcy court.A bankruptcy attorney knows exactly what you need to disclose to ensure you don't commit bankruptcy fraud. They will ask you pertinent questions to verify that all your assets are accounted for, that you haven't had someone hold money or assets for you, and that you have disclosed all sources of income to the courts. Even unintentional fraud can land you in trouble, so it's best not to chance it by hiring an attorney to handle the details for you.
They Give You Peace of Mind
You are already stressed enough with your financial difficulties, so you don't need to add to your stress levels by trying to navigate the complicated bankruptcy process. Hiring a bankruptcy lawyer is probably the single best thing you can do to take the burden off your shoulders and allow them to take over the confusing maze that can be bankruptcy. You have taken the first step toward financial stability. Let your attorney take you the rest of the way.With an experienced bankruptcy attorney on your case, you gain peace of mind that it's being handled properly and that you won't make any mistakes that could further cause financial problems. Your attorney will also support you through this entire process and let you know that you aren't a bad person because you have to file for bankruptcy. They will treat you like family and truly care about the outcome of your case and your emotional well-being.Bankruptcy is not a simple solution to a financial problem, but it is a solution that can work if you know how to navigate the process.
This article was originally published on StocktonLaw.com.