One of the most intimidating, yet complex experience one can get through is filing for bankruptcy. For most people, the fact that this entire process is surrounded by a stigma can make them hesitant to reach out for help. If you find yourself in a situation like this, there’s no doubt that you need an expert and an advocate right by your side, who can get you through the entire process and ensure that everything is resolved as early as possible
Yes, we’re talking about getting a bankruptcy attorney and all the advantages this decision brings.
At first, most people may be hesitant to hire a professional, but when their financial situation basically requires this, this is one of the best decisions. Below we’re going to talk a bit about some of the most important reasons why hiring a bankruptcy attorney is a good idea.
An attorney can help you determine if you should initially file
That’s right, some people believe that filing for bankruptcy is the best decision, especially if they are out of options when it comes to debt solution. Still, some of them take this decision without having any legal background.
There are situations in which there is still a better option and this is why you should hire a bankruptcy attorney. In many cases, he or she can advise you to take a better path that will eventually help you manage more effectively your debt.
Get advice on which chapter you should file for
Moving on, let’s not forget that when taking this decision, you should know which chapter you need to file for. Once you are convinced that filing for bankruptcy is the best decision, you should determine which chapter of bankruptcy is the best for your situation.
There are cases in which people have no income and can’t pay down debt or don’t have any viable assets, like vehicles or properties, the most viable choice is Chapter 7, which involves a total liquidation of assets. Sure, there are way more situations, corresponding to different chapters, but an attorney can help you decide upon the best, after taking a detailed look at your finances.
Your odds of acceptance will get higher
Last but not least, let’s not forget one of the major advantages of hiring a bankruptcy attorney: increasing your odds of acceptance.
While anybody can file for bankruptcy, your chances of being accepted will get higher if you consult a legal counsel. After all, we’re talking about a lot of paperwork which needs to be filled out correctly and completely. And it there are some errors, the risk of being denied seriously increases!
Not only you will have all the paperwork done properly by him or her, but a bankruptcy attorney is highly knowledgeable in the intricacies of the law, so your odds of being accepted can’t go lower.