Things in life change without notice and even result in financial difficulties. Debt to private and public lenders must be repaid around the clock, or you risk threatening your properties.
If you feel like your lenders and debt collection agencies are on your neck, a professional bankruptcy attorney Los Angeles will be a suitable person to seek help from.
Having a bankruptcy lawyer by your side comes with a lot of benefits. Some of the common benefits include:
1. Save Cash
Many individuals are trying to file for bankruptcy without an attorney’s help because they are in poor financial situations, and hiring a lawyer will only worsen their problems.
However, this is just a belief. Hiring the best bankruptcy lawyer can save you cash in the long run, as the expert will ensure you receive the best results in the courtroom.
2. Assess Different Options
Determining whether bankruptcy is the best solution might be challenging. The two chapters, which most people file include Chapter 13 and Chapter 7.
Chapter 13 adopts repayment plans, whereas Chapter 7 encompasses giving up some of your assets so as to satisfy certain outstanding debts.
According to professional bankruptcy attorneys, long-term goals and your current financial situation will help determine what kind of chapter is best suited for you.
3. Enjoy Expertise
The law governing bankruptcy is very complicated, and it may not be a perfect idea to navigate the entire process without enlisting the help of an attorney.
You need extensive knowledge of federal and state laws so as to file for bankruptcy successfully and handle a lot of paperwork.
Most top-notch lawyers are familiar with the regulations and laws concerning the process of filing. This means they will ensure the paperwork goes:
4. Address Legal and Residual Financial Matters
In some situations, creditors might disregard discharged debts and continue to collect them. Your attorney knows how to petition the courtroom for injunctive relief so as to stop this kind of situation.
Plus, bankruptcy may not always handle all your financial problems. For instance, bankruptcy won’t discharge your mortgage balance, and some individuals may still face the possibilities of foreclosure after and during the case.
5. Easier Process
The bankruptcy process is far more confusing than most individuals realize, and when going through the entire procedure alone, it might be more challenging.
Even when you succeed, it will be a tiring process in the end, making it necessary to hire a bankruptcy lawyer. A good bankruptcy attorney can make the entire process easier and smoother.
6. Know the Timeline Much Better
Given how strenuous and stressful the filing process is, working with a bankruptcy attorney may help diffuse the confusion and anxiety surrounding everything.
Plus, you may need help understanding the timeline to expect and how to make the case go forward. Unlike you, a professional attorney will outline every debt eligible for a discharge and what taxes may look like.
There are no restrictions against representing yourself when filing for bankruptcy. However, it is more advisable to hire a bankruptcy attorney to retain the legal counsel so as to increase the odds of success.