Self-help books and online tools may make filing bankruptcy seem relatively easy, but the law is extremely complex, as minor mistakes can have serious consequences for your case. Without the help of an experienced bankruptcy lawyer, you might end up facing unnecessary delays, paying back debts you could’ve discharged, or having your case dismissed. Below are a few reasons you should hire a professional if you plan to file for bankruptcy.
3 Reasons to Hire a Bankruptcy Lawyer
1. They Can Help You Choose the Right Chapter
The bankruptcy code offers two options for borrowers, each of which might be best for you depending on the circumstances. A Chapter 7 bankruptcy is intended for borrowers struggling with credit cards, medical expenses, and other unsecured debt, while Chapter 13 allows applicants to catch up on their mortgage or other secured accounts. Choosing the right chapter for your situation is the first step to getting back on solid financial footing.
2. They Can Help You Keep Your Assets
While a Chapter 7 bankruptcy allows you to eliminate most unsecured debt, it may require you to surrender some of your belongings to the trustee, who will sell them to pay back your creditors. Fortunately, a good bankruptcy lawyer can ensure you claim every exemption available and keep as much of your property as possible.
3. They Can Determine Pardoned Debt
If you forget to include a debt on your initial petition, you may be liable for it once your bankruptcy has cleared. A bankruptcy lawyer will go through your finances, identify all eligible debts and help you get the most out of your filing.
If you’re considering filing for bankruptcy, Mark O. Grater Attorney at Law, in New London County, can provide valuable resources to help you reclaim your life from debt. For over 40 years, he’s helped clients navigate the difficulties of the bankruptcy process and essentially wipe the financial slate clean. To schedule a consultation, call (860)449-8059 or visit the website to see a list of services.