3 Of The Best Reasons To Choose A Filing Bankruptcy Attorney
Do you have debt and have started thinking about filing bankruptcy? If so, your frustration levels are probably at an all-time high. You are among many people who have debt and do not know what can be done about it. People consider bankruptcy for a number of reasons, and many of them are not things that they can improve swiftly. During these uncertain times, many people find that their financial security has been compromised by changes in the economy that are outside of their control.
The new wave of excess debts, job losses, and economic turmoil is occurring during a time where information and technology are accessible to virtually anyone. This leads some individuals trying to decide whether to use a lawyer for their bankruptcies. Using a bankruptcy attorney as a resource is the most sound option for individuals who want to make sure that they do not make mistakes. Filing errors can delay the process and could make financial circumstances worse. The following points will help you to understand why it is ideal to use a bankruptcy attorney.
Determining Type of Bankruptcy
This complex decision involves choosing the type of bankruptcy you will file. The decision should be based on your assets and financial situation. Being in debt does not necessarily mean that there is not any income available. There are two options to file, and they are referred to as Chapter 7 and Chapter 11. The latter involves restructuring debt, and the former involves total absolution of debt with the exception of child support, back taxes, and student loans. Attorneys review each of their potential clients on a case-by-case basis and can help determine the best option to file.
There is more involved in bankruptcy than writing down entries of accounts owed. An attorney can review all documentation or locate hard to find information for filing purposes. Their inclusion in your filing will ensure that you provide the correct documentation. You will also be able to have peace of mind regarding the accuracy of the information provided. This means the amounts owed as well as the account numbers. Mistakes can cause delays or result in other things that complicate the bankruptcy process.
Having professional assistance means that you can make an already stressful situation less stressful. You will not need to worry as much about the process and whether the waiting time is normal or abnormal. Attorneys can explain the process and any paperwork received by the courts about the case. Properly completed paperwork may improve the chances of a bankruptcy filing going through without becoming more complex than it has to be.
For more information on why a bankruptcy attorney might be a good fit for you, talk to a local firm today.