There are many reasons why people require bankruptcy attorneys. If you owe over $10,000 in credit, your house has been foreclosed, or lost your job, then chances are high that you need a bankruptcy lawyer.
1. Bankruptcy Lawyers Know Which Chapter is Appropriate for You
There are two types of bankruptcy. The first one is referred to as Chapter 7 while the other one is known as Chapter 13. Each of these two types is associated with some merits and demerits.
A bankruptcy lawyer is best placed to offer counsel as to which type is best suited for your situation. While you can file for bankruptcy on your own, you will likely forget to include some documents or file late. Working with a bankruptcy lawyer will ensure that such mistakes are avoided.
2. They Understand the Legal Process Better
Bankruptcy lawyers are well-versed in laws regarding bankruptcy. They understand the whole process as well as the challenges involved. This is unlike someone who is filing for bankruptcy for the first time. You would also want the process to take the shortest time possible. There’s no better way of achieving that than hiring an experienced bankruptcy lawyer.
Additionally, lawyers are well-connected with the justice system. They can maneuver their way around issues that can prove to be impossible for an ordinary person.
3. Bankruptcy Lawyers Deal Directly with Creditors
The fact that you are filing for bankruptcy means that there are some creditors on your neck to have their debts settled. This can be stressful, particularly if you don’t have any plan to pay the debts. The sound of your phone ringing often sends cold chills down your spine. But with a bankruptcy lawyer, you won’t have to worry. Your lawyer will contact them on your behalf and explain your situation to them.
4. Hiring a Bankruptcy Lawyer Saves You Money
Some people tend to avoid hiring bankruptcy attorneys with the assumption that they will be charged huge sums of money. Hiring a bankruptcy attorney may cost you some money. But your chances of having a positive outcome from the case are high. An experienced bankruptcy lawyer can negotiate with the court for better terms and save you a lot of money in the process.
5. They Won’t Defraud You
Just like other professions, bankruptcy lawyers are guided by a code of ethics. They are always supposed to put the interest of their clients above their own. This means your bankruptcy lawyer will conduct himself professionally and avoid any form of fraud.
6. Better Odds of Success
Because bankruptcy lawyers only focus on bankruptcies, they already understand all the insider tips and tricks to ensure the case succeeds.
7. Peace of Mind
You are already in a stressful situation due to financial difficulties and you wouldn’t want to stress yourself more by trying to navigate the murky bankruptcy process. Working with a bankruptcy lawyer will give you peace of mind since they are the ones who are in charge of the process.