Benefits Of Hiring A Bankruptcy Attorney

An accumulation of debt beyond which you can service can be daunting and stressful. However, legal avenues help you improve your financial position, like filing for bankruptcy. Many people who file for bankruptcy avoid hiring a bankruptcy attorney since they consider it an expense they cannot afford. On the contrary, a bankruptcy attorney can help you save money by ensuring the process moves along speedily and negotiating improved terms. You will also enjoy other benefits like the following.

Legal Know-how

Filing for bankruptcy can be complex for an inexperienced person. You might miss filing deadlines, fill in the wrong paperwork, or submit the filing with some documents missing, resulting in an unsuccessful filing. On the other hand, a bankruptcy attorney has the legal expertise to help you avoid such costly mistakes by ensuring all your paperwork contains the relevant information and is submitted on time. They will also ensure you provide the supporting documents necessary to confirm your bankruptcy claim. Therefore, it is advisable not to undertake such an important task as filing for bankruptcy on your own and instead rely on someone with the expertise to handle it proficiently.

Explain your Financial Position and Options

Most people have little understanding of bankruptcy law. They also do not know there are two types of bankruptcies, namely Chapter 7 and Chapter 13. However, a bankruptcy attorney has in-depth knowledge of the intricacies of bankruptcy laws. They understand the advantages and disadvantages of both types of bankruptcy. Therefore, when you hire a bankruptcy attorney, they will explain how both forms of bankruptcy filings work. Moreover, they will evaluate your financial position and compare it with the options available before providing advice on the best course of action for your situation. Ultimately, before filing for bankruptcy, it is essential to hire an attorney to help you make an informed decision that will suit your needs.    

Negotiating with Creditors

When filing for bankruptcy, your creditors will want to know how you will pay their debts. Their constant payment requests can be stressful and make you avoid receiving phone calls. Some creditors can also resort to intimidation tactics to prompt payments. However, hiring a bankruptcy attorney can protect you against ceaseless phone calls from creditors by acting as an intermediary between you and the creditors. Moreover, once you retain an attorney, you can refer any creditors to your lawyer. Consequently, the attorney will communicate your position to your creditors and develop a plan through which they can receive payment. Overall, a bankruptcy attorney will end harassment by creditors while maintaining communication lines to help establish a repayment plan.

For more information, contact a firm like Martinez Law Firm.