Bankruptcy definitely isn’t a fun thing to deal with, but when you can work well with your local bankruptcy attorneys, the process will be a lot smoother and less stressful. Whether you’re dealing with a business bankruptcy case or a personal bankruptcy case, here are a few reasons why you need a bankruptcy attorney before you do anything:
- First things first — a local bankruptcy lawyer will help you decide if filing for bankruptcy really is the best thing to do. In some cases, opting for a debt management or debt consolidation program is the best way to go, especially if you can’t afford to file for bankruptcy.
- It’s possible to file for bankruptcy without the help of a lawyer, but usually only if you’re filing for a simple Chapter 7 bankruptcy, have very few assets, and have a strong understanding of what bankruptcy cases are like. Finding a lawyer may seem like a really stressful process if you aren’t sure how to find a reputable lawyer for bankruptcy, but it pays off to have an expert by your side.
- If you have other assets and investments and your income is above the median level of your state, a local bankruptcy lawyer will be able to analyze what you have and determine what you might be able to keep. Debt collection agencies will try to take every last penny from you, but in many cases, the court will allow debtors to keep things like their car and home.
- If you have a spouse and you handle finances together, having a local bankruptcy attorney is very helpful. You don’t necessarily have to file for bankruptcy if your spouse does, and vice versa, although debt collectors don’t like to admit this. A lawyer will be able to look at your situation and figure how to incur the least amount of financial damage.
- Last but not least, if you own a business that has come upon some hard times, you definitely need a lawyer to help you out. You’ll have to consider things like compensation for employees, a reasonable timeline for debt repayments, and possibly even looking for someone to buy your business.