Filing for bankruptcy can seem daunting to the inexperienced person. For a bankruptcy attorney, however, it really isn't that complicated. Most bankruptcy lawyers have a lot of experience working for clients with a variety of financial circumstances. It's important to get good advice before filing due to the fact that bankruptcy can impact your financial life for many years. There are a few key benefits to working with a bankruptcy attorney when dealing with serious debt.
Qualifying for Bankruptcy
The first part of dealing with bankruptcy is to determine whether or not you qualify. In your initial consultation, your attorney will be able to review your documents and make a determination of whether or not you qualify. Now, there are several different types of bankruptcy, so your lawyer will try and determine which filing type is best for your situation and financial goals. Which type of bankruptcy filing you do can impact how your debts are paid off and how long the process takes.
Evaluating Other Options
In addition to addressing whether or not you qualify for bankruptcy, your attorney may be able to help you avoid filing for bankruptcy altogether. Depending on your current cash flow, your lawyer may be able to help you renegotiate your debts and pay them off on terms or in smaller lump sums. By doing this, you can prevent having bankruptcy on your credit file. Declaring bankruptcy can eliminate your debts, but it also ties up your assets during the process. If this can be avoided, you can protect your credit and your assets.
Paperwork Filing and Court Proceedings
If it is determined that bankruptcy can't be avoided, your lawyer will be able to prepare all of the legal pleadings required for a proper bankruptcy filing. Your bankruptcy attorney will also be able to track and attend all of your court dates. They will be able to help you present any financial exhibits and respond to questions from the judge or your court-appointed trustee regarding your finances. This will prevent you from making legal mistakes or disqualifying yourself from the bankruptcy process.
Whether you file bankruptcy or simply have your lawyer help you renegotiate your financial debts, you can benefit greatly from consulting a legal expert who handles these types of situations. You'll be able to figure out the best option for your current financial situation and the future. This will also help you avoid costly financial mistakes.