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3 Benefits of Hiring a Bankruptcy Lawyer It’s hard to keep your money in check especially that it’s hard to earn and easy to spend. It doesn’t really matter how much money you make – if you have the wrong spending habits, you could be neck deep in debt before you even notice it. It would be wise to declare bankruptcy if you’ve run out of option to get yourself out of a stick situation. It’s hard to find someone who actually wants to go through with a bankruptcy because of the tedious and time consuming process, which is why it’s always better to hire a bankruptcy lawyer to help you through the entire endeavor. If you’re unsure if you should hire a bankruptcy lawyer, these three reasons should lead you towards the right choice. 1. Expert Advice – Maybe from your point of view, declaring bankruptcy is the only option to save you from your situation. Of course, to you, this may seem like the only option but that’s not necessarily the case. It’s important to get a bankruptcy lawyer’s opinion and advice before you push through with your declaration because there may be other ways to resolve your debt aside from bankruptcy. It’s always better to get a second opinion before you commit to something as heavy as declaring bankruptcy, and a professional bankruptcy lawyer should be able to provide you professional output from their own vantage point.
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2. Deciding on the Appropriate Chapter – There are two major types of bankruptcy and you should declare yours under the chapter that best suits your situation. A chapter 7 bankruptcy is best for those who have no steady source of income and have no viable assets. This will liquidate all of your available assets and absolve you of any debt you might with have with the exception of a few. Declaring bankruptcy under chapter 13 on the other hand is best for those with steady income and viable assets, which entails the restructuring of payment terms to make it easier for the debtor to make payments. A bankruptcy lawyer will be able to give you advice on which bankruptcy best suits your situation based on what you have.
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3. Approval Chances are Improved – Lots of people think they can just submit the necessary documents and declare for bankruptcy, but it’s not actually that simple. Not everyone is qualified for bankruptcy and that’s why the governing bodies overseeing declarations take their time to scrutinize all applications. To make the process easier, a bankruptcy lawyer should be able to guide you through the process by helping you collect and submit the necessary documents and evidence to prove you’re fit to declare. Have your lawyer check your paper work before you submit anything because missed information could negatively impact your chances of approval.