Filing for bankruptcy can help get you out of serious financial debt, but the process is not a short or easy one. You do not have to work with an attorney when filing for bankruptcy, but there are many good reasons to do so. Here are some notable reasons to consider finding a law firm to help you file for bankruptcy:
They'll Help You Decide What Type of Bankruptcy to File For
There are two different types of bankruptcy that you can file for — chapter 7 and chapter 13. Both types of bankruptcy are designed to relieve multiple types of debt, including credit cards, wage garnishments, collections, and even foreclosure. However, the ways that each type of bankruptcy offers protection are different.
Understanding the differences between the two types of bankruptcy and determining which option is best for you and your family is much more easily done when working with an experienced bankruptcy law firm. Your service provider will explain exactly how each type of bankruptcy works and how each will affect your overall quality of life in the coming months and years.
Ensure That You Comply With All Laws and Regulations
Another important reason to consider working with an attorney when filing for bankruptcy is to make sure that you understand all the laws and regulations you must follow so that you don't end up facing problems for non-compliance. Your lawyer will be fully educated about bankruptcy laws and regulations and will be able to guide you through the process while staying compliant the whole way.
They will make sure that you, and your trustee if you have one, know exactly what you should and should not be doing when dealing with any aspect of the bankruptcy process. This includes things such as selling assets, paying down debt, and making deals with debtors.
Optimize Your Understanding of Bankruptcy Terms
There are many bankruptcy terms you will need to know while going through the bankruptcy process. If you are not fully aware of what each term means, you may interpret court determinations or instructions improperly, which can ultimately result in delays. Delays means the possibility of losing more money and protections that were available to you.
Contact a trusted bankruptcy law firm today to learn more about how they can help you file for bankruptcy while minimizing stress levels and keeping confusion to a minimum. They should be happy to schedule a free consultation appointment with you.
Share10 November 2021
When I was a child, I regularly visited a local department store. At this lovely business establishment, one could purchase many items including clothing, shoes, and even hotdogs. Sadly, due to competition and other factors, the store closed its doors for the last time several years ago. If the owners of the store had considered bankruptcy options, they might still be meeting customers’ needs today. On this blog, you will learn how to resurrect your business with available bankruptcy alternatives. Regardless of whether you choose to liquidate your assets or reorganize your entity, the opportunity to remain in operation might be an option for you.