If you’re considering bankruptcy, you’re not alone. Millions of Americans struggling with debt turn to bankruptcy every year to get a fresh start. In fact, over 1.5 million Americans file for bankruptcy each year.
However, the bankruptcy process can be complex and confusing, and it’s essential to have an experienced bankruptcy attorney on your side. Working with a bankruptcy law firm can help you understand the process and protect your rights.
Here are seven reasons to hire a bankruptcy attorney:
1. Help You Navigate the Complex Legal Bankruptcy Process
Filing for bankruptcy can be a complex and confusing process. If you’re not an expert, it can be challenging to navigate the process on your own. So it’s essential to have an experienced bankruptcy attorney by your side.
There are many different steps involved in filing for bankruptcy. For example, you’ll need to:
- Gather all of your financial documents
- Meet with a bankruptcy counselor
- Attend a bankruptcy hearing
- File a bankruptcy petition
If you fail to gather all the necessary documents, your case could be dismissed. That’s why it’s crucial to have an attorney who can help you navigate the process and ensure that you follow all the necessary steps.
2. Protect Your Rights
When you’re facing financial difficulties, it’s easy to feel like you’re all alone. But you’re not; there are laws in place to protect your rights. Unfortunately, if you don’t know your rights, creditors may take advantage of you and make your financial situation even worse.
Keep in mind that bankruptcy laws are designed to give you a chance to start over. They provide a way for you to discharge your debts and get a fresh start.
But the process can be complicated and confusing. That’s where a bankruptcy attorney comes in. They can help you understand your rights and options and guide you through the process so that you can get the best possible outcome for your situation.
If you’re facing financial difficulties, don’t go it alone. Seek out the help of a qualified bankruptcy attorney who can help you protect your rights and get a fresh start.
3. Offer You Great Advice
They can advise you on which type of bankruptcy is right for your situation. There are several options for bankruptcy today, including Chapter 7 bankruptcy and Chapter 13 bankruptcy.
Chapter 7 bankruptcy is the most common form of bankruptcy. In this type of bankruptcy, your nonexempt assets are sold off to pay creditors, and then your remaining debt is discharged.
On the other hand, Chapter 13 bankruptcy is a repayment plan bankruptcy. In this case, you keep your nonexempt assets and make payments to creditors over a period of time, usually three to five years.
Your bankruptcy attorney can advise you on which type of bankruptcy is right for you based on your situation.
4. They Can Help Protect Your Assets
Most people consider bankruptcy to be a last resort. However, it may be the best option for managing your financial affairs in some cases.
The primary goal of bankruptcy is to protect your assets from creditors. An experienced lawyer can help you determine which assets are exempt from seizure and develop a plan to protect your nonexempt assets.
The first step is to determine whether you qualify for Chapter 7 or Chapter 13 bankruptcy. Once you have filed for bankruptcy, an automatic stay goes into effect. This means that creditors cannot contact you or take any action against you.
This includes wage garnishment, foreclosure, and repossession. In addition, the court will appoint a trustee who will oversee your case and ensure that your assets are properly protected. If you are considering bankruptcy, speak with a qualified attorney to learn more about how they can help you protect your assets.
5. Assisting in Rebuilding Your Credit
Although filing for bankruptcy will have a negative impact on your credit score, it is possible to rebuild your credit after bankruptcy. An experienced bankruptcy attorney can give you tips on how to rebuild your credit rating.
They will work with you to develop a budget and help you get back on track financially. A bankruptcy law firm can also assist you in negotiating with creditors and help you keep your property after bankruptcy.
Some of the things you can do to rebuild your credit after bankruptcy include:
- Get a secured credit card
- Use your credit card wisely
- Pay all your bills on time
- Keep track of your expenses
- Develop a budget
By following these tips, you can gradually improve your credit score and get back on track financially. Keep in mind that rebuilding your credit after bankruptcy is possible with the help of a bankruptcy attorney.
They can give you the tools you need to get back on track financially and improve your credit score. Schedule a consultation with a bankruptcy law firm today to learn more about how they can help you.
6. The Lawyer Will Represent You in Court if Necessary
If your case goes to court, you will need bankruptcy case representation. The bankruptcy lawyer that you hire will be there to represent you. This is important because they will know how to present your case in the best light possible and help you get the outcome that you are hoping for.
Sometimes, bankruptcy cases can be quite complex, especially if your case involves a business bankruptcy. In these instances, it is even more critical that you have an experienced bankruptcy attorney by your side to guide you through the process and protect your interests.
7. Helps You Avoid Harassment
One of the top reasons to hire a bankruptcy attorney is to avoid harassment. Creditors are not allowed to contact you once you have filed for bankruptcy. If they do, they can be held in contempt of court.
An experienced bankruptcy attorney will know how to deal with creditors and stop the harassment. Hence, hiring an attorney also gives you peace of mind. You can be sure that your case is in the right hands.
Work With a Bankruptcy Law Firm Today
Bankruptcy is a difficult decision to make. However, if you are struggling with debt, it may be the best option for you. A bankruptcy attorney can help you navigate the bankruptcy process and protect your interests.
If you are considering bankruptcy, contact us at Meredith Bankruptcy Law Firm today to schedule a free consultation. Our experienced lawyers will review your case and help you make the best decision for your unique situation.