Reasons Why You Should Hire Bankruptcy Lawyers
mikal jason
Filing for bankruptcy can have a negative impact on your credit score and limit your financial options, but it can also give you the fresh start that you need. Here are ten reasons why you should hire bankruptcy lawyers:
They understand how to complete the necessary paperwork, what information is required for each chapter of bankruptcy and important deadlines. They will help you value your assets and choose and apply exemptions correctly.
They Understand Bankruptcy Law
Bankruptcy lawyers have an in-depth understanding of bankruptcy law. This allows them to manage the complex legal process with ease. Bankruptcy lawyers in Harrisburg PA can also help you understand the exemptions available in your state, which can help protect your assets from being liquidated. They can also advise you on how to structure your bankruptcy in order to get the most relief from debt.
If you file for bankruptcy without a lawyer, the likelihood of success is much lower. In fact, statistics show that individuals who file for bankruptcy on their own (pro se) have a four-out-of-five chance of being denied a discharge in Chapter 7 cases and one-out-of-three chances of being denied a discharge in Chapter 13 cases.
Hiring an attorney makes the filing process smoother and less stressful, which can ultimately improve your outcome. This will also save you a lot of time and money. Plus, it will help you avoid making costly mistakes that could cost you your financial future.
They Can Negotiate With Your Creditors
The best bankruptcy lawyers understand how to renegotiate debt amounts and payment structures. This can help you avoid filing for bankruptcy and its associated credit effects, social stigmas, and the inability to get new loans.
If you are worried about losing your home or other assets, bankruptcy attorneys can help pause foreclosure proceedings and explore ways to settle or eliminate the debt. They can also advise you on which state and federal exemptions to use in your case to keep as much of your property as possible.
The last thing you want is for a trustee to sell your property because of a simple mistake or oversight in your bankruptcy paperwork. A lawyer can ensure that the trustee has a complete and accurate list of your property before any sale is made. They can also help you avoid costly mistakes in filing by ensuring that all the necessary documents are filed properly and in accordance with court rules.
They Can Represent You in Court
There are many benefits to working with a bankruptcy attorney. First, they have an established relationship with the judges involved and are familiar with bankruptcy
courtroom etiquette. They also know how to file the correct paperwork, meet deadlines and argue a case persuasively. In contrast, if you file on your own, even the most minor errors can have disastrous consequences. For example, if you forget to list a property, it could be sold by the trustee.
They also understand how to value and protect assets, which can save you a significant amount of money. They can also negotiate with your creditors and debt collectors, which may allow you to settle for less than what you owe. This can help you avoid bankruptcy altogether. They can also identify other debt-relief options that may work for you, such as debt consolidation or a repayment plan. These options can be much faster and easier to manage than a bankruptcy case.
They Can Help You Get a Fresh Start
Despite carrying some stigma, bankruptcy can be a great way to reset your financial life. However, it’s important to understand the process and what your options are before deciding on whether bankruptcy is right for you. A skilled lawyer can help you make an informed decision.
A bankruptcy attorney will also help you fill out the necessary paperwork and ensure that it’s accurate, detailed, and timely. This includes valuing your property, disclosing your assets, and declaring your income. They will also help you choose and claim exemptions to keep as much of your property as possible.
Additionally, a bankruptcy attorney can deal with debt collectors on your behalf. This is especially helpful if you’re afraid of getting harassed or lied to by debt collectors. They can also advise you on how to rebuild your credit and finances after your bankruptcy is complete. This is especially useful if you filed Chapter 13 bankruptcy, which takes up to five years to complete.