5 Reasons to Consult with a Bankruptcy Lawyer

5 Reasons to Consult with a Bankruptcy LawyerAlthough often considered a last resort, filing bankruptcy can help you get your finances in order and make a fresh start. If you’re considering bankruptcy, it’s important to know all your options before making this important decision. There are many ways in which an attorney at a bankruptcy law firm can help you make informed choices that protect your financial future. Here we share a few.

1. Providing Comprehensive Financial Analysis

A bankruptcy attorney has extensive experience doing comprehensive reviews of personal finances. Your lawyer will refer you to the right resources and experts who can thoroughly analyze your financial picture to determine what your debt relief options may be. This gives you a clear picture of your financial circumstances.

2. Helping You Understand the Bankruptcy Process

There are two main types of personal bankruptcy: Chapter 7 and Chapter 13. If you’ve never filed before, you may not know which one will best benefit you. Your attorney can explain each type and let you know why one or the other will fit your specific needs. They explain the bankruptcy process from beginning to end and give you an estimated timeline of how long it will take to complete. If you’re an entrepreneur, a business lawyer in West Chester can also help you understand how filing personal bankruptcy may affect your business.

3. Advising You on How to Deal with Creditors

Being hounded by debt collectors is stressful. There are certain laws that are designed to prevent creditors from harassing consumers. Once you file for bankruptcy, all collection actions from your creditors must stop (barring exceptions like child support payments). Your bankruptcy lawyer can advise you on which actions by your creditors are legal and help protect your rights should you need to file a claim against them for illegal harassment.

4. Helping You Avoid Common Errors

Although it’s possible to fill out all necessary paperwork and file a bankruptcy petition yourself, hiring a lawyer to assist you is a sound investment in your financial well-being. In addition to ensuring your petition is filed without errors, a bankruptcy attorney will make sure that all eligible debts are included in your filing. This is a critical piece of the puzzle that consumers sometimes miss – if you forget or fail to include certain debts in your bankruptcy filing, you are still on the hook for the full amount of them going forward. Your bankruptcy attorney also ensures that all information is accurate, which can help you avoid legal issues down the road.

5. Bankruptcy Attorneys Offer More Than Just Legal Support

Financial woes can take a serious toll on your mental and physical health. Knowing that you have a supportive bankruptcy lawyer in your corner can take some of the weight off your shoulders and give you hope for a better financial future.

Our dedicated bankruptcy lawyers work collaboratively with our business succession planning attorneys, lawyers for wills and trusts, and attorneys for contract review to develop personalized debt relief solutions tailored to meet your specific needs.