Four fundamental reasons to hire an experienced bankruptcy attorney
If you are experiencing financial difficulties and are unsure of your options, an experienced bankruptcy attorney can provide critical advice and assistance. Filing for bankruptcy allows you to make a plan to pay off your debts or write them off entirely. You may be able to start over by liquidating your assets and paying off your debts, or you may need to get help for your financially protected business. These are four reasons why hiring an attorney helps you decide the best course of action to address your debt.
1. Help with complex laws and filing options
The laws surrounding the insolvency process are complex and varied and can be difficult to navigate without a legal professional to guide you. The filing process alone can be very complicated, and making the right decision about how to apply could have a permanent impact on the rest of your life. When it comes to individual filing options, Chapter 7 is faster but has an income limit, while Chapter 13 generally involves a 5-year payment plan. Choosing between the two can be confusing; For example, if you are trying to file for Chapter 7 as an individual, but your income exceeds the annual limit, you will need to take a test that depends on your income and expenses. This test can be difficult if you do not have legal advice because it is not based on your current income or actual expenses. An experienced bankruptcy attorney can help you make the right decisions and advise you on whether Chapter 7 or Chapter 13 would be best for your particular situation.
2. Familiarity with paperwork and trustees
While you are technically allowed to submit your own documents, most people who are unfamiliar with the process do not know how to properly fill out the paperwork and provide the required information. If you are filing without legal help, and the trustee assigned to your case follows up by requesting additional information to confirm the claims you made on your documents, a bankruptcy attorney can be a valuable resource knowing exactly what information the court needs. One of the worst mistakes you can make is providing incorrect documentation and not knowing how to correct your mistakes.
3. Help with a formal court hearing
Depending on how you decide to apply, you may need to go to court and present your case to an administrator multiple times. It is important to consider whether you could represent yourself or need an attorney to handle proper courtroom procedures and etiquette. An experienced legal advisor will guide you through the process and handle formal courtroom procedures with ease.
4. Assistance with creditors
Creditors should stop calling and harassing you once you’ve hired a bankruptcy attorney. If they fail to stop the harassment calls after hiring an attorney, they are violating the Fair Debt Collection Practices Act, which was created to eliminate abusive practices used in debt collection. Therefore, hiring an attorney will ensure that you experience less harassment during the bankruptcy process.
Dealing with your debts can be overwhelming, but with the help of an experienced attorney, you should be able to resolve your issues quickly and efficiently.