If you are in extreme financial hardship, no question you have likely considered filing for bankruptcy protection. If and when you file for bankruptcy, it can help you to eliminate most (if not all) of the debt that you have accumulated up till now. Even though filing for bankruptcy is optimal for those with a lot of debt, it is still a major decision that you should consult with a professional bankruptcy attorney. Just about anyone in America can apply for bankruptcy, but if you want the process to go smoothly, you should find a bankruptcy attorney who can guide you through the entire process.
Bankruptcy lawyer knows bankruptcy
Many things in your life will get affected when you are filing for bankruptcy. You do not want to overlook these crucial facts by attempting to apply for bankruptcy or your own. One of the important decisiont that a bankruptcy lawyer can help you is to ascertain if you should be filing chapter 7 or chapter 13 bankruptcy. Chapter 7 bankruptcy is structured for those who do not have the power to pay back their creditors. Another important fact about chapter 7 bankruptcy is that you might have to give up some of your non-exempt assets to the bankruptcy trustee. The bankruptcy trustee will in turn sell these assets to pay back your creditors. If you have the means to pay back your creditors within 3-5 years, then chapter 13 bankruptcy will allow you to keep the assets in question. With chapter 13 bankruptcy, you will be allowed to keep your house and not be subjected to foreclosure. Deciding to apply chapter 7 or chapter 13 bankruptcy is not such an easy question to answer, while your bankruptcy attorney will definitely be able to help you with it.
Bankruptcy attorney can help you understand what to expect
Your bankruptcy lawyer will be able to lay out the foundation and consequence of your bankruptcy filing for you so that you will not be surprised during any stage of the process. Sure, nowadays you will be able to get a lot of facts from the Internet, but do you want to bank your future on something that you have read from the Internet. Or would you rather get the facts directly from a professional bankruptcy lawyer?
Bankruptcy lawyer can explain what the creditors might do
No one would worry about anything but themselves when they are filing for bankruptcy protection. Without being privileged to the bankruptcy process, you would not know what can adversely affect your bankruptcy filing. The creditors are protected by the law also, so they have legal actions in their arsenal to safeguard their interest in your bankruptcy filing. One of the benefits of filing bankruptcy is that you will be granted automatic stay. Automatic stay prohibits the creditors from taking further legal actions or collection efforts against you until it has been settled in the bankruptcy court. Creditors have the option to apply a motion with the bankruptcy court to lift or revoke the automatic stay. As you can see from all the possible complicated legal maneuvers, you really need a bankruptcy lawyer who can assist you through the entire process unscathed.
From the previous points in this article, you have probably concluded that filing bankruptcy is not as easy as counting 123. Hence you should not attempt to take on the task of filing bankruptcy by yourself. Hire a certified bankruptcy lawyer and leave the legal mumbo jumbo to the professionals. Who in their right mind would not want the bankruptcy filing to go without a hitch? There is a higher probability that your bankruptcy case can be delayed or dismissed if you try to apply by yourself. The cost of retaining a bankruptcy lawyer can be as high as $3,000. But if trust your attorney to take care of every single step of your bankruptcy case, then this money will be well-spent. Do not try to save this expense because it can only come back and hurt your chances for a successful bankruptcy.
Steve Sanchez has recently overcome the economic depression of 2008-2009 by declaring bankruptcy. Even though bankruptcy has devastated Steve financially and emotionally, Steve has rebuilt his businesses in the last 6 months and he has not looked back since.One of his project is to educate people on bankruptcy. Having gone through the ordeal himself, he has first hand knowledge of the pros and cons of filing for bankruptcy protection. Please visit his site http://ToFileBankruptcyOrNot.com if you want additional information regarding bankruptcy.