Why It's Necessary To Hire A Bankruptcy Attorney If You'Re In A Financial Crisis
Filing for bankruptcy can be a difficult decision to make because it will have a major impact on your life and your finances. If you handle it correctly, you can use it to get a fresh start and rebuild your life. If you don't handle it correctly, you could end up in a worse financial situation than you were in before. That's why it's important to hire a bankruptcy attorney. These lawyers will help you navigate the bankruptcy process and ensure you get the best outcome. Here's how they'll help you if you're in a financial crisis:
They'll Help You Understand the Process
If you've never filed for insolvency before, you may find the process intimidating. It's full of legal terms that are difficult to understand and procedures that can be confusing. Fortunately, a bankruptcy attorney can help you navigate the process, explaining to you what you need to do every step of the way. They'll also explain to you the terms used in the legal paperwork in plain language, so you can know what you're signing. If you have any questions about this process, they'll be glad to answer them.
They'll Help You Select the Right Type of Bankruptcy
There are several types of bankruptcy options that you can choose from. If you select the wrong one, you could find yourself in a worse financial situation than before. The law allows you to select chapters 7, 11, 12, or 13. A bankruptcy lawyer will tell you the best type to file based on your unique financial situation. If you have a business, they may recommend chapter 11. If you're an individual with a regular income, chapter 13 may be best for you. Chapter 7 may be ideal if you don't have a lot of assets or income.
They'll Protect Your Assets
Filing for bankruptcy doesn't mean that you have to lose everything you own. You can exempt (or protect) certain types of property, depending on the state you live in and the type of bankruptcy you file. A bankruptcy lawyer will examine your assets and tell you the ones you can keep. These may be your most valuable assets, such as your home or your car. Without these assets, rebuilding your life post-bankruptcy may be difficult, if not impossible.
They'll Rebuild Your Credit
After filing for bankruptcy, you'll need to rebuild your credit. This process isn't easy, and it can take years to get your score back up to where it was before you filed. A lawyer can guide you through the process and help you find the best way to rebuild your credit. With their help, getting back on track will be much easier.
If you're in a financial crisis, hiring a bankruptcy attorney is the best decision you can make. Contact a local law office today for more information, like Supple Law Office, PLLC.
