If you are struggling to pay back creditors, filing for bankruptcy can provide much-needed relief. However, the process is complicated, and borrowers who try to prepare their own petitions often make mistakes that can cause unnecessary delays or leave them liable for accounts that could have been discharged. Working with an experienced attorney is the most effective way to make sure your petition is completed and filed correctly.

3 Reasons to Hire an Attorney Before Filing for Bankruptcy

1. Choosing the Appropriate Program

The bankruptcy code offers two programs for consumers, each of which may be best for your situation. A Chapter 7 bankruptcy will discharge most consumer debt, including credit cards, lines of credit, and medical bills, as well as some back taxes. Chapter 13, on the other hand, is designed to give borrowers a chance to catch up on unsecured debt. The attorney will help identify which program is most appropriate for your financial situation.

2. Retaining Property

In a Chapter 7 bankruptcy, the trustee is entitled to seize some property to pay off creditors, but the code exempts an array of assets, including some home equity, a primary vehicle, and tools. Without an attorney’s assistance, you risk surrendering property you are entitled to keep.

3. Preparing the Paperwork

Even minor errors in a bankruptcy petition can have major consequences, such as having your case rejected. Bankruptcy lawyers have been through the application process many times, so they know how to complete the required forms correctly. This increases the likelihood of your petition being accepted by the courts, so you can find financial relief.

For over 20 years, Anderson Law Firm in High Point, NC, has been providing high-quality legal services to those struggling with unmanageable debt. Their personalized service and unparalleled expertise guide clients to the ideal solutions to their financial troubles. Visit their website to learn more about their bankruptcy assistance services, and call (336) 431-7336 to schedule a consultation. For more tips and bankruptcy advice, follow their attorneys on Facebook.

The information contained in this site is for general guidance on matters of interest only. The application and impact of laws can vary widely based on the specific facts involved.  We are a Debt Relief Agency. We help people file for Bankruptcy Relief under the Bankruptcy Code.