Learning The “Secrets” of Attorneys

Do You Need a Bankruptcy Lawyer? It’s hard to keep your money in check especially that it’s hard to earn and easy to spend. No matter how hard you work and how much you make, the wrong spending habits could have you neck deep in debt in just a short amount of time. If you find yourself in a particularly sticky financial situation and you’ve lost all other options, you’d be better off declaring bankruptcy. Hiring a bankruptcy lawyer will make it the entire process of declaring bankruptcy easier especially if it’s your first time. If you’re unsure if you should hire a bankruptcy lawyer, these three reasons should lead you towards the right choice. 1. Professional Advice – Maybe from your point of view, declaring bankruptcy is the only option to save you from your situation. You may see your own financial situation this way for a handful of reasons, but that doesn’t always mean that the way out that you see is the only solution available. Because there might be other ways to resolve your situation, you should first seek the assistance and advice of a bankruptcy lawyer to find out what your alternatives are. Getting a second opinion could open your eyes to other solutions for your financial problems that you might not see right from the start.
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2. Choose the Right Chapter – There are two major types of bankruptcy and you should declare yours under the chapter that best suits your situation. A chapter 7 bankruptcy is best for those who have no steady source of income and have no viable assets. Filing for bankruptcy under chapter 7 entails clearing your debt completely in exchange for liquidating your available assets. If you have a job and viable assets on the other hand, you can declare chapter 13 bankruptcy which simply means the lenders have to restructure your payment scheme to make it more possible for you to make payments. Accounting for your different assets and financial situation, your bankruptcy lawyer should be able to tell you which bankruptcy chapter best fits you.
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3. Increased Chances of Approval – Declaring bankruptcy takes more than just submitting documents and completing the process. The people who oversee the process of bankruptcy declarations aren’t always quick to make approvals especially if the person filing seems unfit for it. A bankruptcy lawyer will increase your chances of approval by helping you arrange paper works, collect the necessary documents, and even guide you through the filing process. Have your lawyer check your paper work before you submit anything because missed information could negatively impact your chances of approval.