Last Updated on February 21, 2021 by James Gentile
Bankruptcy is a complex legal proceeding with plenty of pitfalls awaiting you to try to navigate it on your own. Also, filing for bankruptcy has gotten more difficult over the past several years, and the rules change frequently. A bankruptcy attorney knows how to get you the result you want so you can pick up your life and move forward.
Here’s what a bankruptcy attorney can do for you.
A bankruptcy attorney can help you understand whether you need to file for bankruptcy.
Is bankruptcy the right choice for you in your unique situation? Do you have other options? An attorney can explain your options and help you decide.
A bankruptcy attorney can help you make the right choices about filing.
A bankruptcy attorney has the answers to all these questions. If you file for the wrong type of bankruptcy, you could end up losing property that you could have kept, or you could find yourself emerging from bankruptcy, not having gotten rid of all your debts. If you own a small business and need to take it through bankruptcy, your attorney can help you protect your business.
A bankruptcy attorney can help you with the complex paperwork required.
Filing for any bankruptcy is very complicated. All too often, people who try to handle it all themselves fail to file all the required documents, ultimately wasting time or digging themselves deeper into trouble. You could end up having the court dismiss your case if you don’t get all the details right, and local courts often have their own requirements that can provide added pitfalls for the unwary.
Your bankruptcy attorney knows what local courts require and can help you meet every requirement. An attorney can also provide you with the legal advice you need when making crucial decisions during the process, something a bankruptcy preparation service can’t do.
A bankruptcy attorney can help protect your property.
Are you in danger of losing your home or your car? Do you want to protect family heirlooms? Your bankruptcy attorney can help you understand how to exempt property from bankruptcy, a process that differs from state to state.
The process of valuing your property when filing bankruptcy is also extremely complicated. Your attorney can help you figure out how much equity you actually have and walk you through what to do if you co-own property with other people. An attorney can also help you with the process of transferring property to other people and warn you when not to take this step. If you transfer assets before filing bankruptcy, in many cases, you can damage your case and even cause it to be dismissed by a judge.
A bankruptcy attorney’s job is to protect your rights as a debtor. You wouldn’t try to set your own broken arm, so why would you step into court without all the protection and help the law allows you?