How Can a Lawyer Help With Bankruptcy?
Written by AskTheLawyers.com™ on behalf of David Shuster with Shuster Law, PLLC.
Filing for bankruptcy can be a stressful and confusing process; from understanding eligibility requirements and the different types of bankruptcy to the process of actually filing, it can be hard to know where to start. Bankruptcy lawyers can help sort through the legal mess and even provide advice on how to rebuild your financial standing after the fact. If you’re finding yourself harassed by bill collectors and/or unsure how to pull yourself out of debt, reaching out to a bankruptcy lawyer sooner rather than later is a great way to start moving forward again.
A bankruptcy lawyer can acquaint you with all of your debt relief options.
Bankruptcy may not be the only form of debt relief available, depending on your situation. An experienced bankruptcy lawyer can sit down with you to determine all of your options including but not limited to bankruptcy, as well as helping you weigh the pros and cons of each choice. Debt settlement and loan modifications are other popular forms of debt relief that a good bankruptcy attorney can readily direct you to, depending on your financial situation. In some cases, a Chapter 7 or “clean slate” bankruptcy may have more advantages than some debt relief options, whereas others’ debt may be perfectly combatted without bankruptcy. The attorneys that handle these cases can directly guide you to the quickest route to recovery, personalized to your situation.
A bankruptcy lawyer can contact creditors on your behalf.
Another big advantage of hiring a bankruptcy attorney to help in your financial recovery is having a professional in the field contact creditors on your behalf. In some cases, a bankruptcy lawyer may be able to negotiate for an alternate repayment amount or schedule, and/or may simply be able to stop debt collectors from harassing you.
If you are facing a debt collection lawsuit, having a bankruptcy lawyer on your side can be invaluable to protecting you and your family. The paperwork and red tape involved in the bankruptcy and/or debt collection system can be extremely difficult to slog through without the help of an experienced lawyer, and you could find yourself looped into promises you are unable to keep.
A bankruptcy lawyer can file the paperwork and represent you in the proceedings.
This is one of the best parts of hiring a bankruptcy attorney; not only can the attorney make sure all of the necessary paperwork is filled out and submitted correctly the first time, but they can also represent you and your interests in Chapter 7 or Chapter 13 bankruptcy proceedings when you attend creditors meetings together. A bankruptcy lawyer can help figure out which assets you will be exempt (i.e. you get to keep them) and which will need to be sold to pay your debt. Even after the proceedings, an experienced bankruptcy attorney can give you an idea of how long it will take to rebuild your credit as well as offer some strategies to start recovering as quickly as possible.
To learn more about bankruptcy and other debt relief options, or for help filing, reach out to a bankruptcy attorney in your area.