If you are already facing an overwhelming amount of debt, it can be difficult to justify paying a bankruptcy attorney to help you through a legal process that you are legally allowed to complete on your own. However, while it is true that there are costs associated with hiring an attorney to help with your bankruptcy, the benefits that come along with choosing to hire these legal professionals are well worth the cost. In fact, you may even find that your decision to hire a bankruptcy attorney is able to help you save money in the long run. Below you can learn more about three of the benefits a bankruptcy attorney can offer you.
Benefit #1: You Will Get A Comprehensive Review Of Your Finances To Ensure You Are Utilizing The Best Debt-Relief Solution For Your Situation
There are many different options available when it comes to overcoming debt. Determining which of these options is right for you will require a comprehensive review of your income, debts, and assets. A bankruptcy attorney will be able to complete this type of in-depth review to ensure you are utilizing the best debt-relief solution for your specific situation. For some people, this will mean filing for Chapter 7 or Chapter 13 bankruptcy. For other people, this may mean taking advantage of a debt consolidation loan or reaching a settlement agreement with their creditors.
Benefit #2: A Bankruptcy Attorney Can Help You Negotiate With Your Creditors
Filing for bankruptcy does not mean that all of your debts are automatically forgiven and the slate is wiped clean. In most cases, you will be required to repay as many of your debts as possible before the court will discharge any eligible debts. A bankruptcy attorney can help you to complete this necessary step by negotiating the most favorable terms possible with your creditors. In many cases, an attorney will be able to negotiate a settlement with your creditors which will allow you to satisfy your debt for a much lower amount.
Benefit #3: A Bankruptcy Attorney Can Help You Protect As Many Of Your Assets As Possible
Many people fear that filing for bankruptcy will mean surrendering all of their assets in order to pay their creditors. While it is true that some assets can be seized as part of a bankruptcy case, there are laws in place which allow you to protect many of your assets. In order to take advantage of this asset protection, you will need to have a clear understanding of the state and federal exemption laws and submit the required documentation to the court in order to apply these exemptions to your case. This can be a rather complex process.
Hiring a bankruptcy attorney to represent you will ensure that you are able to successfully navigate this process and ultimately protect as many of your assets as possible.
Contact a local bankruptcy attorney to learn more.