The term “bankruptcy” is so frequently associated with negative scenarios that people often forget the reasons for filing one. The two main benefits of filing for bankruptcy are protection from debt collectors and debt relief. While others file for bankruptcy on their own, it’s easier to hire a bankruptcy attorney, whether a person is filing for liquidation or reorganization bankruptcy.
Filing for bankruptcy on your own can be a tedious process. Having a bankruptcy attorney makes the process easier and smoother, allowing you to worry less about the paperwork as your lawyer does it for you. The bankruptcy attorney can also help you clear debt, negotiate with creditors, and set up payment plans to aid you in settling your loans.
Why Should You Hire a Bankruptcy Attorney?
It’s understandable if you’re hesitant to hire a bankruptcy attorney. Filing for bankruptcy on your own may be a daunting task. It can be more stressful if you represent your bankruptcy case without a lawyer to help you. That’s why hiring these lawyers is the best way to handle it. Here are four reasons you should get a bankruptcy attorney:
- Bankruptcy attorneys aid you in filing paperwork
Bankruptcy filing requires a vast amount of paperwork to be filled out correctly. If you commit a mistake on any of the files, it further complicates the process. You’ll also need to collect multiple supporting documents to be included in your application.
Filing for bankruptcy with the help of an attorney makes it easier to process all the important documents you need. They will help you put a value on your assets and identify what you should disclose, which tax returns to show, and other necessary details. A bankruptcy attorney can do all of that for you by monitoring all the requirements of your application.
- Bankruptcy attorneys offer asset protection from debt collecting agencies
These lawyers may negotiate and deal with your creditors for you. This saves you from stressing over the time you have left to pay off debt. It also keeps you focused on what to do next to attain freedom from unpaid dues.
Your attorney will also help you in negotiating with your creditors, which lowers the chances of you losing your assets so you’ll be able to keep them. They can also aid in arranging payment terms with your creditors and lower interest rates for your repayment plan.
- Bankruptcy attorneys have the expertise and know-how
If you have a minimal understanding of bankruptcy law, it will be hard for you to file for bankruptcy on your own. A bankruptcy attorney can help you by providing counsel and giving you legal advice regarding your situation. With the help of a bankruptcy attorney, you are assured that all testimonies are accurate.
A bankruptcy attorney will help guide and explain to you what to do as your case progresses. They’ll teach you the best and proper way to answer a judge’s queries while using their knowledge to prepare you for questioning. The attorney will also provide you with all the important requirements and steps you must take to qualify for a discharge and give you an idea of what your creditors might do next.
- Bankruptcy attorneys give peace of mind
Letting a bankruptcy attorney handle your case makes you worry less because you know your case is being taken care of properly. They will provide you with the status of your case and guide you on how to move forward with it.
Your bankruptcy attorney will not only guide you in the court process but also recommend the next steps to take after your case. They will know what to advise to help you rebuild your credit after filing for bankruptcy. A bankruptcy lawyer will aim for you to achieve financial stability, be free of debt, and keep you in that spot.
Find the Right Bankruptcy Attorney for You
It’s never a bad thing to ask for help. If you’re on the verge of filing for bankruptcy, consider consulting or hiring a bankruptcy attorney today. They’ll be able to pinpoint and address your debt issues with you. Be worry-free and regain your financial independence with the help of a bankruptcy attorney.