Most people contemplating bankruptcy try to keep as much money as they can. If you are struggling financially, it is likely that you do not want to pay costly lawyer fees to help with your bankruptcy case. There are several advantages to hiring a Staten Island Bankruptcy Lawyer over filing on your own. You should be aware of the fees charged by bankruptcy lawyers before signing any agreement.
Bankruptcy lawyers offer many benefits
The benefits of having an experienced bankruptcy lawyer can outweigh the cost of the legal fees, and the following are just a few of them.
1. Planning for Bankruptcy
A bankruptcy case should never be entered without knowing all the implications and planning ahead. The following are some ways an attorney can help you with bankruptcy planning:
Consider other options for debt relief. If bankruptcy is not the best option for your debt relief, then you’ll need to explore all other options. Negotiating settlements with creditors could solve most of your problems without filing a full bankruptcy case. An attorney will tell you if filing for bankruptcy makes sense.
Choose the bankruptcy that is right for you. Consumer bankruptcy comes in two different forms that are quite different from one another. As compared to Chapter 13, Chapter 7 is much shorter and does not require repayment plans. However, Chapter 7 is not appropriate for all debtors, and Chapter 7 may not be able to save your home. With the right lawyer, you can weigh all of the factors and determine which type of bankruptcy is best suited to your needs.
2. Bankruptcy Preparation
To begin the process of filing, extensive preparation is required. In the first place, bankruptcy paperwork requires detailed information on your debts, income, assets, and properties. If you make a mistake, it can lead to serious problems, including a case dismissal or significant delays. In some cases, bankruptcy fraud might even be charged if you lie or omit information. Having an attorney complete your paperwork, assemble the required documentation, and more is very important.
As a result, a bankruptcy lawyer will know how to handle the means test in a way that will help you qualify for Chapter 7 bankruptcy. In a Chapter 7 case, your attorney will also help you value your property and determine the best exemptions to apply to each item.
3. Bankruptcy Lawyer Representation During the Case
In a bankruptcy case, federal law applies and the bankruptcy is overseen by federal courts. This makes it extremely important to be familiar with and to follow all applicable laws and regulations. As well as communicating with the bankruptcy trustee assigned to your case, you may have to do so with the bankruptcy court as well. Whenever you communicate, be careful as any information shared could affect your case.
If you need legal representation, it can ensure inaccurate testimony and represent you at any necessary court hearings and creditors’ meetings. You will be represented by a lawyer throughout the process and will know all the necessary conditions. A good attorney can mitigate the impact of any issues that may arise in your case if they occur.
4. Guidance Post-Bankruptcy
Filers have experienced the effects of bankruptcy firsthand as bankruptcy lawyers. Often, they can provide you with suggestions about rebuilding your credit responsibly and successfully after bankruptcy. Their goal is to prepare you for financial success so that you can achieve your goals.
You will have an easier time handling your case if you hire a bankruptcy lawyer. To do so, they know the steps to take – and not to take – to achieve a discharge of your debts. In the bankruptcy process, you may make a number of mistakes that cause snags, and that may even prevent your case from being successful.