When considering bankruptcy, an experienced attorney can review all of your options including debt consolidation and other alternatives. They also help you calculate the means test to qualify for Chapter 7 or to confirm a repayment plan in a Chapter 13 case.
Bankruptcy attorneys also assist with the filing of paperwork and forms that must be filed with court. One mistake in filling out a form can delay your case or possibly result in dismissal.
1. Creditor Protection
A good bankruptcy attorney will help you understand if a bankruptcy filing is the right option for you.
They can also offer alternatives to bankruptcy that might be more effective for your situation.
They can help you file all the required paperwork accurately and on time. Errors in the paperwork can delay your case or even cause it to be dismissed. An experienced bankruptcy lawyer will minimize these errors.
During the bankruptcy process, your bankruptcy attorney will represent you in any court hearings that you must attend. This includes meetings with creditors or the trustee assigned to your case.
Bankruptcy attorneys can determine how much equity is left in your property and use the law to protect that equity. They can also help you value income-producing assets and properly liquidate them ahead of bankruptcy. They can also help you deal with creditors who refuse to stop contacting you, including suing them for violation of the automatic stay.
2. Debt Consolidation
If you're receiving unsolicited calls from creditors, it may be time to talk to an attorney. A local attorney will be able to meet with you face-to-face to review your case. Ask about fees upfront and whether they will deal directly with your creditors. Also, find out if they'll be using a law firm-backed or paralegal-backed debt consolidation company.
Debt consolidation companies use a loan to pay off your debt and reduce your interest rates. However, they can be costly if you're not able to qualify for new credit or have a low income.
If you're considering debt consolidation, a bankruptcy professional can help you determine if this is the best solution for your situation. They can also offer other options, such as debt settlement or credit counseling.
3. Tax Relief
Many people think that filing bankruptcy erases all debts, including tax liabilities.
This is not entirely true. If you have been late on filing your taxes or if you have committed other tax fraud, it may be impossible to discharge those debts in bankruptcy.
A qualified West Palm Beach bankruptcy and tax attorney can determine whether or not your taxes can be eliminated in a bankruptcy. A lawyer can also help you avoid lien impositions and work with the IRS to find a reasonable repayment scheme.
A lawyer will file pages of financial data about your debts, income, assets, and recent financial transactions under penalty of perjury. They will know how to value your assets realistically and choose and apply exemption rules properly. They will also defend you in court against creditors who challenge your claims for bankruptcy relief.
4. Asset Protection
The right attorney can help protect your assets. Bankruptcy attorneys in Harrisburg pa may evaluate your financial situation, including your assets and debts. They can also help you decide whether bankruptcy is a good option for you. If it is, they can advise you of the exemptions available to you.
Filing for bankruptcy involves submitting numerous forms and disclosures. An attorney can ensure that all of the paperwork is filed accurately and in a timely manner. They can also help you determine which assets are worth protecting and how to do so.
If you own a business, they can assist you in structuring the business to minimize tax liabilities and protect personal assets. They can also help you determine how to value income producing assets such as a rental house.
5. Emotional Support
Throughout the bankruptcy process, your attorney will help you cope with stress and anxiety. They will manage the legal aspects of your case, keep you on track with paperwork, and prevent you from making mistakes that could jeopardize your case (like missing court dates or turning in incomplete documents).
They will also provide emotional support and guidance during difficult times. They can help you understand the causes of your financial struggles, teach you strategies for avoiding them in the future, and reassure you that your current situation will improve.
When choosing a bankruptcy attorney, find someone you are comfortable working with. Ask for a free consultation and use it to assess their expertise and personality. If you don’t feel a connection with an attorney, keep searching for one who will be the best fit for your needs.
This press release may contain forward-looking statements. Forward-looking statements describe future expectations, plans, results, or strategies (including product offerings, regulatory plans and business plans) and may change without notice. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.
Original Source of the original story >> Why Do You Need a Bankruptcy Attorney?