When facing an already overwhelming amount of debt, taking on another expense can feel like too much to handle. Consequently, it is not surprising that so many people hesitate when it comes to hiring a bankruptcy attorney to help them deal with their debt. If you are a bit hesitant to take on the legal fees associated with hiring a bankruptcy lawyer, it is important for you to know that despite these fees, hiring a lawyer truly is in your best financial interest. Below you can learn more about two of the reasons why these legal services are so essential to your financial well-being.
#1: A Bankruptcy Attorney Can Make Sure You Are Choosing The Right Debt-Relief Solution For Your Situation
Not all debt is created equal. Especially when it comes to the way common debt relief options, such as bankruptcy, address these debts. For instance, while many unsecured debts, such as credit cards and medical bills, can be discharged using Chapter 7 bankruptcy, secured debts will not be eligible for discharge. You also may be prohibited from discharging student loans or child support payments. Consequently, choosing the right debt relief option for your specific situation will require you to understand what type of debt you have and how this debt is addressed using all of the different options available to you. A bankruptcy attorney will be able to provide you with this very important information. This will ultimately ensure that you are able to get the financial fresh start that you need.
#2: Being Unsuccessful In Your Bankruptcy Case Can Be Financially Devastating
Simply filing for bankruptcy does not guarantee that you will get the debt relief that you are looking for. In order to benefit from filing bankruptcy, you will need to successfully complete each stage of the bankruptcy process. Depending upon what type of bankruptcy petition you file, this can include submitting a repayment plan to the court and successfully completing this repayment plan over the course of a few years. If you fail to complete all tasks assigned by the bankruptcy court, your case can be dismissed without you receiving any debt relief. To make matters worse, you could be prohibited from refiling for bankruptcy for as long as several years. Thankfully, a bankruptcy attorney can help to make sure you get it right the first time around so that you can get the debt relief you need right away.
Contact a local bankruptcy attorney to learn more.