If you are in financial distress and have racked up a lot of debt, filing for bankruptcy may be the right option. It will get rid of most of your unsecured debts and help you start over financially. However, bankruptcy is a complex process and you shouldn't go through it alone. Here are a few good reasons to hire a bankruptcy lawyer.
Assist with the Paperwork
Filing for bankruptcy requires you to fill out a lot of paperwork. Filling out all of these forms can be overwhelming and you might not understand all of the terminology. If you make a mistake, it could delay your case. A bankruptcy lawyer will help you fill out this paperwork correctly and in a timely manner.
Inform You of the Laws
There are many bankruptcy laws that the average person isn't aware of. That is why it's important to have an experienced bankruptcy lawyer on your side. They will inform you of all of the laws to prevent you from making costly mistakes. For example, you can't transfer property into a family member's name before filing.
Choose Between Chapter 7 and Chapter 13
There are two types of bankruptcy: Chapter 7 and Chapter 13. Both come with their own set of advantages and disadvantages. After examining your finances, your lawyer will help you select the right type of bankruptcy.
For example, if you have lost your job and don't have many assets, you should probably file for Chapter 7 bankruptcy. On the other hand, if you have a stable income and wish to keep your property, your lawyer may advise you to file for Chapter 13 bankruptcy.
Stop Creditors from Contacting You
When you declare bankruptcy, your creditors are supposed to stop calling you. However, some of them may still try to contact you, which can be frustrating. If you have a skilled lawyer on your side, however, they will put a stop to them calling you.
Speed Up the Process
Bankruptcy is a stressful ordeal, so you naturally want to get it over with as quickly as possible. That's another reason to hire a bankruptcy lawyer. They know the process in and out and will help you get through it faster.
As you can see, there many benefits of hiring a bankruptcy attorney. Schedule a consultation with one today to get your case moving in the right direction. Ask for more information on Chapter 13 and Chapter 7 bankruptcy.