The economy is in bad shape, which isn't great news for most of us, unless of course you happen to be a bankruptcy lawyer. With so many individuals and businesses floundering under piles of debt and endless bills all while dealing with salary cuts or lost jobs, bankruptcy is becoming an increasingly common path to help people turn their lives around. If you are considering declaring this financial status, you may be tempted to save a bit of cash and go it alone. After all, how can you afford an attorney to handle this if you're already drowning in debt? While it may seem like the budget route to not seek legal aid, you'll often save more of your money and assets by choosing a qualified bankruptcy lawyer to present your case.
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The most common type filed, and the one that most individuals and some businesses will fall under, is called chapter 7. In this instance, any non-exempt possessions are sold. The money that is made from this liquidation is then used to pay off creditors. Some debts, if able, may be discharged. Generally, most individuals will find that most if not all of their property falls into exempt status and therefore the bank will not be able to seize anything. Chapter 13 is the second most common form, but it is a great deal more complex and not all people will fall into this category.
So why is it so important to hire a bankruptcy lawyer? It may seem deceptively simple, but a small mistake can lead to more years of debt. The purpose of bankruptcy is to help you learn how to better manage your money and restart your finances over again, which will take many years. Part of filing for chapter 7 involves creating a list of exempt assets as well as outstanding debts. If you forget a debt or an asset, you may find yourself worse off than before. An attorney will be able to help you decide whether you should file for chapter 7 or 13.
A bankruptcy lawyer can also help you with the complex paperwork involved as well as the hearing. During this process, you will undoubtedly feel stressed and emotional, having a skilled attorney on your side can help ease any panic you feel and lighten your work load as well. Filing for bankruptcy is not an overnight process and takes some effort as well as a good deal of time. A bankruptcy lawyer can help you sort through the difficult part so you can continue on with your life and work.
One of the greatest benefits to hiring an attorney for these proceedings is how quickly you'll realize that your finances and life are improving. They can help you not only with preparing the case, but helping to stop collection agencies from harassing you as well as fighting for reasonable wage garnishment if necessary. They can also give you advice on how to manage debts that cannot be dismissed. These immediate changes can have a great impact on your daily life and greatly improve your situation.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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