Are you struggling with overwhelming debt and considering bankruptcy as a solution? 

Bankruptcy can be a complicated and emotional process, and it’s not something that you should try to navigate alone. Hiring an experienced bankruptcy attorney can make a significant difference in the outcome. It can also give you peace of mind during a difficult time.

So, how do you know when it’s time to hire an attorney to handle your bankruptcy? Here are some signs to look out for:

You’re not sure which type of bankruptcy to file

There are two types of bankruptcy most commonly used by consumers: Chapter 7 and Chapter 13.

Chapter 7 bankruptcy is often known as a “liquidation bankruptcy” and allows for the discharge of most unsecured debts, such as credit card debt and medical bills. Chapter 13 bankruptcy, on the other hand, is often called a “reorganization bankruptcy” and involves creating a repayment plan over a period of three to five years to pay back all or a portion of your debts.

If you’re not sure which type of bankruptcy to file, an experienced attorney can help you understand the differences for you to choose the best option for your situation. They may help you to determine if you qualify for a specific bankruptcy dependent on a variety of factors. For example, Chapter 7 bankruptcy has income limits and other requirements to be eligible. 

You’re facing creditor harassment

Dealing with creditors can be one of the most stressful aspects of financial struggles. If you’re facing constant phone calls, letters, or even lawsuits from creditors, an attorney can help you put a stop to it. Once you file for bankruptcy, creditors are required to stop all collection efforts, including phone calls, letters, and lawsuits.

Your attorney can also help you deal with any lawsuits that have already been filed against you, ensuring that you are protected throughout the bankruptcy process.

You have valuable assets you want to protect

One of the most common fears of those considering bankruptcy is losing their assets. Assets can be items such as their home, car, or retirement accounts. However, there are ways to protect your assets through bankruptcy.

An attorney can help navigate the complex exemption laws to ensure that you are taking advantage of all the options available. Additionally, they may be able to help negotiate with creditors to keep certain assets, in exchange for agreeing to continue making payments.

You’re not sure how to fill out the paperwork

Any bankruptcy involves a lot of paperwork, and it can be confusing to fill out correctly. Using an attorney help you fill out the necessary forms and make sure everything is done correctly. Ensuring forms are properly completed will help to avoid delays or other issues.

Making mistakes on your paperwork can have serious consequences, including having your case dismissed, losing assets, or even facing criminal charges for fraud. Moreover, hiring an attorney can help ensure that everything is done correctly and avoid any potential issues.

You need guidance throughout the bankruptcy process

We understand that a bankruptcy can be a long and emotional process. More importantly that it’s natural to have questions or concerns throughout the process. An experienced attorney can be a valuable resource, providing guidance and answering any questions you may have.

Your attorney can also help you prepare for your meeting of creditors, where you’ll meet with a bankruptcy trustee to review your case. Your attorney can help you understand what to expect and ensure that you are prepared for the meeting.

In conclusion, filing for bankruptcy is a significant decision that can have long-term consequences. When hiring an experienced bankruptcy attorney can help ensure that you understand the process and make informed decisions every step of the way. An attorney can help protect your assets, stop creditor harassment, and provide guidance throughout the process, giving you the best chance of a successful outcome. If you’re considering bankruptcy, it’s essential to consult with an experienced attorney to discuss your options and make the best decision for your situation.

Have more questions about bankruptcy? Contact us at the firm to see how we can assist.

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