If your financial crisis is so bad that you are thinking of bankruptcy, you should consider and weigh all choices. There are two options to file for bankruptcy – Chapter 7 & Chapter 13. In case of Chapter 7, the court will appoint a trustee, who will take charge of debtor’s assets and sell them to pay the debtors, while in case of Chapter 13, the debtor presents a 3-5-year repayment plan to creditors supervised by the court. Regardless of what may be the ideal for your case, you need to engage a bankruptcy lawyer right away.
In this post, we are sharing the top reasons to have an attorney.
- To know Virginia’s bankruptcy laws better
Only an attorney with experience with bankruptcy law can help with the matter. Bankruptcy Code is complicated, and you need to figure out what’s the best way to proceed. Also, in some cases, bankruptcy is not the only choice. Sometimes, lawyers will advise clients to consider options like debt consolidation. To get unbiased and genuine advice, you need a lawyer.
- To get protection against creditors
Anyone who has been through bankruptcy will tell you that creditors can give nightmares when it comes to recovery. If your creditors get a hint that you are trying to file for Chapter 7 bankruptcy, they will harass more for payments. With an attorney, you don’t have to deal with them. The legal team will negotiate with creditors and represent you in the most apt way possible.
- To deal with the situation better
You may have no clue about how the process of bankruptcy, or how to talk to the court-appointed trustee. Most bankruptcy attorneys have the contacts and experience to handle any kind of situation that may crop up, and their eventual goal is to simplify and easy things for their client.
- To avoid common mistakes
Errors in filing bankruptcy papers and other mistakes related to declaring assets and debts can have costly consequences. With an attorney, you can be assured that all the paperwork has been done with complete transparency. There is no law that requires you to hire an attorney, but hiring one just ensures that you are in sync with the law.
When you work with an experienced Poquoson bankruptcy lawyer, you get their help for negotiation, which can save you from situations that can be avoided, especially with creditors. Check for top-rated attorneys near you now!