Why hire a bankruptcy lawyer? There is no doubt that making the decision to file for bankruptcy is a big one. It takes a lot of courage and thought to make this decision. Yet, when you do, you need someone by your side to help you through the process. If you do not have a professional that can guide you through it, you may find yourself facing long-term risks and even the loss of your ability to file. For those who are ready for the financial freedom that this type of filing can make, the first step should be to find a legal professional to guide you.
Do You Qualify?
One of the main reasons to turn to these professionals is their ability to help you to qualify for bankruptcy. Not everyone can file Chapter 7, the type that provides for total liquidation of debt. To qualify, individuals must pass a Means Test. This test looks at how much the filer earns per year compared to the median income in the state. To qualify, your income must be under this level or your debts must be justified otherwise. An attorney can help you to go through the process and learn if you qualify.
What Is Right for You?
The next thing that these professionals help with is learning which type of bankruptcy is right for your situation. This varies from one person to the next. Chapter 7 discharges most types of debt, giving individuals a fresh start within six months. Chapter 13 is a type of reorganization of debt. Here, you will repay some of your debt over three to five years and then have the rest discharged. This option is ideal for those with assets or who do not qualify for Chapter 7. Your attorney can help you to determine which type is right for your needs.
Getting the Process Done
The process of filing is not easy. There are very specific steps that must be followed or the case is thrown out of bankruptcy court. You also need to ensure you are following all requirements for things such as the credit counseling requirements to ensure you can file promptly. It is very common for individuals to find themselves trying to manage this on their own unsuccessfully. However, the bankruptcy lawyer can help you to meet all requirements on time. This is a critical benefit.
Do you have creditors calling? Do you need to face creditors during the bankruptcy filing process? Are you worried about liens, foreclosures, or asset seizures? If so, having an attorney by your side is critical. You do not want to handle these situations on your own as it can lead to complications throughout the process.
In short, if you hope to file bankruptcy, hire an attorney to help you through the process. A bankruptcy lawyer represents you, meaning he or she helps to ensure your best interests are met throughout this process. That means you do not have to worry about the process.
Find Your BK Lawyer at BankruptcyAttorney.com