No one wants to experience being trapped under insurmountable debt, but it is a common occurrence. Fortunately, bankruptcy is a viable option that has helped many people find financial relief. While bankruptcy can be a great solution, it’s important that debtors seek legal help before they make any decisions or attempt to file a petition. Read on to discover why hiring an attorney for help with the bankruptcy process is the better (and safer) option for everyone.
* File the Right Petition: In pursuing bankruptcy, there are different types of petitions that can be filed. The type of bankruptcy petition that an individual or business owner should file will depend upon their unique situation, and there is a distinct qualification process for each. An experienced bankruptcy lawyer will be able to evaluate a debtor’s finances, giving them a means test to determine which type of bankruptcy they qualify for and helping them avoid wasting time filing the wrong one.
* Avoid Costly Mistakes: The bankruptcy courts treat everyone the same way. Whether it’s an attorney or an individual filing the paperwork, they expect everything to be accurate and that all steps will be completed correctly. For this reason, it’s a good idea to have a lawyer take care of the filing process. Because of their extensive experience, they are better qualified to ensure that no mistakes are made on the petition that could lead to a processing delay or a potentially devastating denial.
* Take Advantage of All Options: Depending on the type of bankruptcy petition that a person files, they may be eligible for special benefits. Those whose wages have been garnished may be able to get some of their money back, homeowners with second or third mortgages may be able to get those liens stripped away, and those with bad car loans may be able to have the loan crammed down. If the debtor is qualified for any of these options, a bankruptcy lawyer will make sure that they don’t miss out.
The bankruptcy process can be confusing, but it’s important for debtors to know that they don’t have to wallow in that confusion. Instead, they should visit Legalphilly.com to learn how to get in touch with an experienced bankruptcy attorney who can help them finally experience the financial relief they need and get their lives back on the right track.