Bankruptcy may at times be a relieving procedure because it enables you to free yourself from very overwhelming debt. Unless your attorney is a family lawyer or friend, bankruptcy also involves dealing with a stranger who will scrutinize every single credit card statement, financial document, bill and debt.
This is where a trustworthy and solid bankruptcy lawyer comes into play. Great bankruptcy attorneys can also walk you through this time-sensitive and humbling process, ensuring you get treated fairly and with respect. Apart from that, there are many other reasons to hire a professional bankruptcy lawyer, including:
1. Save Time
Dealing with bankruptcy is stressful enough and the last thing you want to figure out are specific details. Professional bankruptcy lawyers have a system in place, which they use to expedite the whole process while making sure there are no mistakes.
Plus, they have established a good relationship with judges, trustees and every party involved in making the communication process easier.
2. Help with All the Ins and Outs of the Paperwork
Although paperwork seems like something, which you may handle yourself, the process involved in bankruptcy usually bites almost everyone in the neck.
With business pressures and financial handlings on your shoulders, filing for bankruptcy must be precise. Otherwise, complications might start showing up. Having a good bankruptcy lawyer by your side will make things more manageable.
3. Save Cash
A chapter 13 bankruptcy plan usually lasts for three or five years. This leads to higher attorney costs for Chapter 13 than Chapter 7. Unlike the Chapter 13 bankruptcy plan that costs around $5,500, the cost of bankruptcy Chapter 7 starts from $900 to $3,400. While debtors may save a considerable amount by filing a case on their own, hiring a professional lawyer to navigate the complex procedures remains important. In addition, a bankruptcy lawyer will not make costly mistakes, which can result in dismissal or delays of your case.
4. Prevent Home Foreclosure
Failure to file for bankruptcy faster, your home might be foreclosed. This means you risk losing your house to your bank.
If you choose to file for a Chapter 7 bankruptcy plan, most, if not all, of your debts will get paid. However, your trustee may have to sell your home so as to cover your payment.
If you don’t prefer this option, you may file for Chapter 13. Your attorney will advise and let you know which option is perfect.
5. Promote Collaborative Strategy
Apart from helping you with documentation and legal procedure, a bankruptcy attorney will offer you a collaborative team to enact a perfect solution-oriented financial strategy.
Most bankruptcy lawyers also have enough knowledge on different proceedings, so they can pivot quickly to give you the best results.
The Bottom Line
Bankruptcy lawyers are good at ensuring your case goes through a smooth process, allowing you to enjoy the benefits of having a fresh start.
Hiring an experienced and competent bankruptcy attorney to deal with your case will save you a headache and cash, especially when things are correctly completed.