Bankruptcy is a legal process a person or corporation files when unable to satisfy existing debts or commitments. Chapter 7 and Chapter 13 bankruptcy are the two categories of bankruptcy. Identifying the most favorable bankruptcy filing option is difficult without consulting a bankruptcy attorney. Chapter 13 restructures debts into a long-term payment plan, while Chapter 7 discharges unsecured debts. An expert bankruptcy attorney can assist you in determining which chapter is ideal for your specific case. If filing under Chapter 7 is in your best interests, your attorney can guide you. Your lawyer will advise you on the necessary papers and help you simplify the legal process.
Deal with Creditors
If you’re considering bankruptcy, you presumably have a few creditors attempting to collect money from you. Even picking up the phone or opening the mail may be unpleasant when dealing with debt collectors. If you hire a bankruptcy attorney to handle your case, they will speak with your creditors. You will no longer have to deal with those relentless bill collectors since your lawyer will handle everything. A bankruptcy attorney can also assist you in negotiating an affordable repayment plan with a secured creditor via a reaffirmation agreement.
Complete the Necessary Paperwork and Schedules
When filing for bankruptcy for the first time, it’s easy to overlook a step or submit incomplete paperwork. Financial and legal jargon might be intimidating, but a bankruptcy attorney can walk you through the process. Any misunderstanding of bankruptcy law might have catastrophic ramifications. Your attorney will interrogate you to ensure you mention all your assets. A bankruptcy attorney will also ensure you have revealed all your income to the court. Keeping your money or assets hidden from the court can lead to dismissal. Claiming exemptions is also made easier with the help of a bankruptcy lawyer.
Increase Your Success Chances
Attorneys are experts in bankruptcy law and can guide you through the process. Your bankruptcy attorney will understand what the court needs to rule in your favor. There will be no need to visit many websites to learn how to file for bankruptcy.
Provide Peace of Mind
Hiring an experienced bankruptcy attorney may assure you that your case will have the correct paperwork and evidence. When working with a lawyer, you will avoid making blunders that may exacerbate your financial condition. Filing for bankruptcy has nothing to do with your character. As you go through the legal process of bankruptcy, your attorney will be there to comfort you.
Financial troubles might worsen, so declaring bankruptcy is the first step toward recovery. Click here to read more about DeLuca & Associates and to get in touch with a bankruptcy lawyer.
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