Are you suffering a financial hardship and feel that you need to use bankruptcy to get out of it? If so, it is always best to use a bankruptcy lawyer to help you through the process. With their help, you'll be guided through the process so it goes smoothly. Here are some of the reasons to use a bankruptcy lawyer.
Determining If Bankruptcy Will Be Best
The beginning of the bankruptcy process is often the most confusing aspect of it. Meeting with a lawyer will help determine if you should even use bankruptcy to get you out of your financial hardship. They'll be able to look at your debts, which ones can be discharged, and if the pros outweigh the cons. For example, if you are falling behind on student loans, medical bills, and child support, you may be surprised to learn that those debts can't be discharged.
Selecting The Correct Bankruptcy Method
In addition to determining if bankruptcy is best for you, there are different bankruptcy methods to choose from. Each method has their own rules and financial consequences that you need to be aware of. For example, there is a bankruptcy method that discharges debts, but has a bigger impact on your credit score. Meanwhile, there is a method that consolidates your debts and creates a repayment plan so you can better manage the debt repayment.
Filing The Paperwork Properly
A big part of bankruptcy is making sure the legal documents are handled properly. If mistakes are made along the way, you could have trouble trying to correct it later. For example, not listing a creditor on your paperwork could result in a debt not being discharged. The last thing you want is to go through the bankruptcy process and still owe a debt.
A lawyer will also assist with filing the necessary paperwork to protect you from your creditors. Legal steps need to be taken to prevent them from contacting you to collect their debt. Without the proper paperwork filed, you may be contacted throughout the entire bankruptcy process.
Understanding The Process
If you've never gone through a bankruptcy before, and hopefully you haven't, it can be tough to know what to expect along the way. It is similar to the first time you bought a home and were unfamiliar with all of the necessary steps in the process. Working with a bankruptcy attorney will ensure that you are doing everything according to the legal guidelines and not making mistakes along the way.