Filing bankruptcy is quite the undertaking, especially if you’ve never done it before. When it comes to successfully completing the process, you can opt to do it yourself or hire a bankruptcy lawyer to help you through it. While it is possible for you to file without the help of an attorney, working with a bankruptcy lawyer provides benefits that you may not have thought about. If you’re considering filing for bankruptcy, here are three reasons why a bankruptcy lawyer is necessary for you:
Financial Impact
Filing for bankruptcy will impact you financially, and you need to know what you’re getting yourself into before you file. Bankruptcy comes in many different forms, each serving a different purpose. For example, Chapter 13 bankruptcy lets you keep your assets, but you’ll have to come up with the money for repayment. Chapter 7 bankruptcy will bring a greater level of debt freedom, but you may lose valuable possessions. A lawyer can help you sort through this information and get a sense of what your financial picture will look like after all is said and done.
Understanding Exemptions
You need to fully understand what is exempt and what is not. In a bankruptcy case, you may be able to hold on to some of your property, including your house and car. However, there are special rules in place to determine whether this is possible and how much of your debt can be exempt. Furthermore, you’ll need to understand how to list your possessions on the paperwork so that you don’t lose what you have because of mistakes that could have been fixed by a lawyer.
Correct Communication
Communication will be key throughout the entire bankruptcy process. An experienced Bankruptcy Lawyer Tipp City OH will be able to advise you on what to say to your creditors during your hearing so that you present your case in the best possible light. They may also be able to mitigate any issues you are having right now, such as harassing phone calls from creditors.
It’s not a good idea to undergo the bankruptcy process alone. When you’re ready to file, call Shipman Dixon & Livingston Co. L.P.A. You’ll be able to get through the filing and hearing process with confidence knowing that you have an attorney on your side who will help you cut through the mess and get your life back on track as quickly as possible.
