3 Advantages Of Hiring A Bankruptcy Attorney
Posted on: 24 August 2022
The process of filing for bankruptcy can be painful and confusing. Because of all of the negative associations people have with bankruptcy, it is understandable that many people avoid it at all costs. Yet filing for bankruptcy can actually be the first step in a newer, more financially healthy chapter of a person's life. If you are struggling with an overwhelming amount of debt but aren't sure of the best way forward, keep reading below to discover just a few of the advantages of hiring a bankruptcy attorney.
Dealing with Creditors
One of the worst parts of being in debt is the psychological effect of being constantly hounded by creditors. If you are sick of the barrage of phone calls and emails from collectors threatening you with further fines and penalties, it is worth it to seriously consider contacting an attorney. They are more than capable of dealing with collection agents on your behalf, giving you the peace of mind needed to deal with other important aspects of your life.
Evaluating Your Options
Because virtually all people outside the legal profession are unfamiliar with the technicalities of bankruptcy law, they are prone to making mistakes that can seriously harm their prospects of regaining their financial standing. One such example is the crucial difference between Chapters 7 and 13 of bankruptcy law. The former is convenient in that it allows you to get rid of debt, but only because you are required to forfeit all of your assets in order to do so. Chapter 13, on the other hand, does not have this requirement, but it does include a repayment plan of all current debt. Only an attorney is especially qualified to advise you on which of these chapters (or others) to file.
Saving Money
It may seem counterintuitive to say that hiring a bankruptcy lawyer can save you money. And to be sure, bankruptcy attorneys don't offer their services free of charge. But what they can do much more effectively than the ordinary layperson is negotiate your debt and repayment options. Doing so can have a massive impact on your financial well-being both in the present and the near future, which means that hiring a bankruptcy attorney can actually save you money when all is said and done. Don't hesitate to contact a bankruptcy attorney simply because you are afraid of falling into greater debt — more than anyone else, they are trained to help you escape it.
For more information, contact a bankruptcy attorney.
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