Top 8 Reasons You Need a Bankruptcy Attorney

There are many reasons a person might find themselves in need of a bankruptcy attorney. If you are considering this step, know that it can have many beneficial aspects, both to your emotional life and your financial standing.

Why Do You Need a Bankruptcy Attorney?

Some indications that you might need to consider a bankruptcy attorney are:

  • You owe more than $10,000 in credit card debt and cannot afford to pay it back,
  • Your house has been foreclosed
  • You’ve lost your job and can't find another one
  • An injury prevents you from working and the bills keep piling up

Perhaps you are considering filing for personal bankruptcy because of overwhelming debts that seem impossible to repay, but you don't know what options are available to you, how much it will cost, or if filing is even right for your situation. These are the top 8 reasons why you need a bankruptcy attorney who specializes in this field to provide guidance and legal support through the bankruptcy process to help you achieve financial freedom.

1- A Free Consultation to Determine if Bankruptcy (or an alternative plan) is Right for You

Not everyone will qualify for bankruptcy relief. In some cases, it is best to follow a plan that involves paying down your debt over time. A bankruptcy attorney can help you explore your options and determine if filing for bankruptcy relief is the right choice. For this reason, it is important that you seek out legal advice before filing for bankruptcy relief. Even if the attorney doesn’t end up representing you in court, they can still provide valuable guidance on how to proceed.

2 - Deciding What Type of Bankruptcy Option to File

It is important to know the different types of bankruptcy and which one is right for you. In some cases, a Chapter 7 bankruptcy may be best suited for your situation. But if there are assets you want to keep, such as a home or car, then it would make sense to file under Chapter 13. Either way, it is important that you speak with an attorney who specializes in this type of law before filing anything on your own. Lawyers who specialize in bankruptcy have a firm understanding of every option that exists to provide you with financial relief.

3 - Assessing the Value of Your Property

A qualified attorney will review your financial situation and assess the value of any property so as to determine whether or not it should be included in your bankruptcy petition. If you do not want to lose a home or car, for example, it will need to be valued correctly. Having a bankruptcy attorney look over your paperwork before filing is a good way to make sure that you don’t lose anything when you file for bankruptcy relief.

4 - Evaluating Which Debt Can Be Relieved

Because bankruptcy is intended to provide relief, it is important that you don’t include debts in your petition if they will not be discharged. A bankruptcy attorney will be able to look at your paperwork and determine whether or not you can include certain debts in the petition. If there are any loans that you owe that won’t be discharged, then your attorney can guide you on the best plan of action to handle those debts while advancing your bankruptcy petition.

5 - Handling Creditors and Negotiating When Necessary

If creditors are calling after filing, then it is important to know how to communicate with them in the proper way. A bankruptcy attorney will be able to guide you on the best way to handle creditors when they are harassing or intimidating you after filing so that you don’t make any mistakes that will hurt your case. A good bankruptcy attorney will also be able to negotiate with creditors on your behalf so that you can come up with a repayment plan or work out an agreement that will allow you to keep your property.

6 - Managing the Entire Process to Give You Peace of Mind

When you file for bankruptcy, there is a lot of paperwork involved. Just as an attorney will handle the filing process and advise you on what to expect, he or she will also be able to help you manage the entire process. This includes answering any questions that come up about your bankruptcy case so that you can have peace of mind knowing that everything is being handled correctly. By having an attorney to assist you with the case, it will make a challenging time much easier.

7 - Detailing a Plan to Rebuild Your Credit

It is important to remember that bankruptcy is not intended as a way to escape debt; it is merely designed to provide relief. After your bankruptcy petition is discharged, it is important to start working on rebuilding your credit. A qualified attorney will be able to help you rebuild your credit through a plan of action so that you can restore your good credit score over time. This is important because a low credit score can keep you from getting the financial assistance that you need for life milestones like buying a car or renting an apartment.

8 - Having A Better Chance for Success

When you file for bankruptcy relief, it is important to do so correctly. This means filing the right paperwork and complying with all of your state’s bankruptcy laws. Without proper guidance, you put your case at risk of being dismissed or denied. A good attorney will be able to file your petition correctly and handle any objections that creditors may have so that you can increase the chance of having a successful case. By hiring an attorney to represent you, not only will your case be handled correctly but it will also increase the chance of success.

Discuss Your Situation with an Experienced Bankruptcy Attorney

While bankruptcy is a difficult and challenging time, it can also provide relief. A good bankruptcy attorney will be able to help you navigate the complicated process of filing for bankruptcy protection so that you don’t make any mistakes that could risk your case being denied or dismissed. If this sounds like something you need assistance with, reach out to Steele Law Firm today. Our bankruptcy attorneys are always standing by to help you get the financial relief that you need to rebuild your life.

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