When you’re staring at mountains of debt and considering bankruptcy, the idea of spending money on an attorney is probably a little hard to swallow. After all, why should you add to the list of expenses you can’t afford?
The truth is that having an attorney assist with your bankruptcy could end up being the best money that you’ve ever spent, as it will end up saving you from wasting time and money on attempting to file on your own, and likely allow you to achieve your goals faster and with more of your assets remaining in your possession.
There’s no doubt that simple, straightforward bankruptcy situations probably don’t need an attorney to take care of the filing, but if you’re considering carefully. An experienced bankruptcy attorney will not only be able to anticipate and prevent problems, but they’ll also be able to craft a Chapter 13 payment plan that will eliminate more of the debt that is required to be paid, and negotiate more advantageous terms Likewise, they will be able to present your assets in a way that will enable you to hold on to far more than you would be able to do without the benefit of their knowledge of the law.
Working with an experienced bankruptcy attorney means that you will be provided a full list of all of the options available to you, as well as guidance as to the advantages and disadvantages of each. They will apply the means test to your assets to determine what kind of bankruptcy you are eligible for and be able to work with situations that may be specific to you. They have vast experience on asset evaluation and on what property is exempt and will also make sure that you understand which of your debts you will not be able to eliminate. Most important of all, working with an experienced bankruptcy attorney will make a significant difference in your ability to have your filing accepted. Try to go it on your own and there’s a good chance your application will be rejected, and you’ll have wasted time and money on a project you have to restart, this time with the help of a professional.
Bankruptcy attorneys will take care of all of the detail work involved in your application, including paying attention to deadlines and making sure that all of your paperwork is complete and accurate. They will tell you what to expect, explain the timeline for you, and stand up for you against your creditors. Their help is invaluable and well worth the small expense that they represent in the big picture of your bankruptcy.
