If you are in financial distress and you don’t know the options that are available to you, it may be time to speak to a bankruptcy lawyer. If you decide to file for bankruptcy, you will be able to either repay all your debts in a manageable way, or even have them discharged. You may need to liquidate some of your assets, or your financially protected business may require help. But why should you hire a lawyer to help you make a decision in terms of the next steps?
They Understand the Complex Filing Options and Laws
Bankruptcy is a complex legal and financial field and you will need a legal professional to help you navigate it. Even just filing for bankruptcy is complex and since it will impact the rest of your life, you have to do it right. For instance, you may be able to file for Chapter 7, depending on your income, or perhaps you need to file for Chapter 13, which takes five years to complete. Both have their pros and cons, and you need to meet specific requirements to be allowed to file for either. A good lawyer will be able to advise you on which of the options is best for you.
They Know Trustees and Understand Paperwork
Technically, you can file all the paperwork yourself. However, you must complete everything the right way and provide the right documented evidence. If you do all of this without the help of a lawyer, you may find things get incredibly complex. A trustee will contact you regularly to confirm various pieces of information, and you may not know what they, and the courts, are looking for. If you accidentally provide the wrong paperwork, you could find yourself in more difficulties than you were already in.
They Can Represent You at the Formal Court Hearing
It is possible that you will have to attend the court and present your case, sometimes even several times, in front of your trustee. Representing yourself is always a bit risky, whereas a professional lawyer knows what to say, how the procedures and etiquette work, what needs to be provided, and more. This is invaluable assistance.
They Can Help You with Your Creditors
Last but not least, when you file for bankruptcy, creditors must stop contacting you. If they continue to harass you, then they are in violation of the Fair Debt Collection Practices Act, which is in place to ensure people like yourself don’t get abused. If you have a lawyer on your side, they will make sure that your creditors adhere to this act and stop harassing you.
It can be overwhelming to face your debts, and to admit that there is no way out other than bankruptcy. However, if you have an experienced bankruptcy attorney on your side, you should be able to resolve the issues in an efficient, quick manner. This, in turn, means you will be able to get on with your life again.