Bankruptcy is a useful tool that can help you regain your financial footing if you’re struggling with debt. A successful filing will discharge some or all of your debt, meaning you don’t have to pay it back. You can then start with a clean slate. If you do file for bankruptcy, consider hiring a lawyer. They offer many benefits throughout the process, a few of which are below.

How a Bankruptcy Lawyer Can Help

1. Determine the Right Bankruptcy

The two most common types of personal bankruptcy are Chapter 7 and Chapter 13. Each one has pros and cons. Chapter 7 allows you to discharge the bulk of your debts—but it also can result in the courts liquidating your assets to pay creditors. Chapter 13 better protects your assets—but requires you to pay back a portion of the debts you owe before discharging the remainder. A lawyer can help you determine the best option. 

2. Get Help With The Paperwork

Deciding on the right type of bankruptcy to file is only the first step. It requires extensive paperwork, including the application, copies of financial statements, inventory of your assets, and more. Forgetting a form or a piece of documentation can result in your application being rejected or delayed. An attorney will make sure no details slip through the cracks.

3. Receive Guidance

You can’t file the paperwork for bankruptcy, sit back, and relax. A lawyer will guide you through the various steps of the process. For example, if you file for Chapter 7, your attorney can negotiate a reaffirmation agreement with creditors to spare your house or car from being liquidated. If you register for Chapter 13, your attorney can help you draft a modified payment plan to submit to the courts.

For an experienced bankruptcy lawyer in Wisconsin Rapids, WI, look to Bender & Bender. This law firm provides clients with experienced and knowledgeable guidance that clears the complexities of the bankruptcy process. Lead attorney Richard Bender has more than 35 years of experience. Visit the law firm’s website for a list of their practice areas, from bankruptcy law to foreclosure guidance. For an appointment, call (715) 423-4400.