Why Is It Important To Have A Bankruptcy Lawyer?
When it comes to bankruptcy proceedings, you are under no obligation to hire a lawyer to help you prepare your bankruptcy filings or to help you through your bankruptcy proceeding. But it is important to be advised that having a lawyer with experience handling bankruptcy law cases is going to be to your benefit. Bankruptcy law can be very complicated, dense, and meticulous (meaning that the rules have to be followed precisely). The average person who has no experience filing for bankruptcy can get lost and confused in bankruptcy law very quickly.
While the idea of hiring a lawyer when you are considering filing for bankruptcy might seem ridiculous (presumably since you feel like you have no disposable income to pay an attorney with), the costs associated with not hiring a bankruptcy lawyer might outweigh the potential cost savings of not hiring a lawyer.
If you take on your bankruptcy on your own, you need to understand that it will take a lot of time to research what you are doing and learn about how to complete forms and make filings correctly. You will have to try and develop an understanding of bankruptcy law, and mistakes can cause you serious problems in your bankruptcy proceeding. For instance, missing a deadline could bar your case or could damage your position.
Hiring a lawyer might be expensive, especially in a time when money is tight, but the value you can get from working with a qualified and experienced bankruptcy lawyer can be well worth it. This is especially true if your bankruptcy is complicated, you have a number of assets that either you want to protect or are legally protected from bankruptcy, or if you don’t have a firm understanding of your finances or of finance in general. If you are uncomfortable, or feel overwhelmed by the prospect of handling your own bankruptcy case, you should strongly consider hiring a bankruptcy lawyer.
Why Would A Bankruptcy Lawyer Be Beneficial For Me?
A bankruptcy lawyer is going to know the law inside and out. He or she will be able to review your situation, and evaluate it for what legal options are available to you. When your situation warrants a choice in how you can proceed (say, for example, you qualify to file for Chapter 7 or Chapter 13, but you must choose one or the other), your lawyer can apprise you of the pros and cons associated with each of your legal options and can provide legal guidance on how to proceed based on your specific circumstances.
Your lawyer will know:
- How to complete your bankruptcy forms and how to file them,
- What additional information and documents you need to provide to the court,
- How to navigate through any potential pitfalls that might be present in your case, and
- How to represent you in your bankruptcy proceeding from start to finish.
If you are interested in speaking with a bankruptcy lawyer about your situation, please contact an experienced bankruptcy lawyer at the Hathaway Law Center.
This article makes a really good point about how a bankruptcy lawyer can help. My brother in-law recently had his house foreclosed and is preparing to file for bankruptcy. I’ve heard you can get a pretty hefty fine or even jail time if you fill out your Chapter 7 or Chapter 13 incorrectly, is that true? Regardless, I think i’ll make sure he’s considered consulting with a bankruptcy attorney before he files.
It is very important to hire a bankruptcy lawyer because bankruptcy law is very complicated without a bankruptcy lawyer we can not understand the law. Bankruptcy lawyer will help to minimize mistakes and get the entire process completed as quickly as possible.
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I really like that you mentioned the knowledge and expertise a bankruptcy lawyer can provide, such as informing you of the pros and cons associated with differed legal options. With all of the layoffs going on at my job and the current state of the economy, I want to be prepared in the event that I end up in unforeseen circumstances. Thanks for the information-I’ll be sure to keep it in mind.
Basically, bankruptcy can be a pain to deal with since the proceedings, documents, forms, and requirements would need a lot of research and time for someone untrained or uninitiated to do by themselves. That is most probably why there are bankruptcy lawyers ready to help you out as you’ve stated. If I were a business owner that’s near bankruptcy I would be sure to have a lawyer beside me in the process to help make things easier and guide me properly to avoid mistakes. Thanks!
My brother needs a bankruptcy attorney, and I think that being able to get some tips would be good. I’m glad you talked about being able to get a bankruptcy attorney who knows the laws inside and out. I’m going to have to look for a good attorney, and hopefully help him out with his bankruptcy struggles.
Thanks for pointing out that a bankruptcy attorney will know the law fully so that they will be able to make sure you have the best legal options in front of you. My sister and her husband are planning on filing for bankruptcy, and she is wondering if she should hire a lawyer to help them. I will be sure to tell her that she should definitely hire an attorney since they will know the best legal options in front of her.
You make a good point that a bankruptcy lawyer will know the legalities of your situation inside and out. That would help you ensure that you did everything right. I am struggling with a lot of debt right now from student loans to a mortgage, so I think I need to file for Chapter 13 bankruptcy. A lawyer would probably really help me with my case.
It is comforting to know that the bankruptcy attorney will be able to help you with various aspects of the case. I know personally, that I would want someone working with me that knows how to fill out bankruptcy files. My cousin might like knowing this since she was researching something similar.