A bankruptcy attorney will know how to complete your case’s necessary paperwork. They will also understand how to value your property correctly, determine which exemptions you should use, and more.
Individuals who file without the assistance of an attorney have a much lower success rate than those who hire one. The court only confirms repayment plans in 2% of pro se Chapter 13 cases.
They Can Help You Save Your Assets
A good Rockland Chapter 13 bankruptcy lawyer can help you protect your assets. They can help you stop wage garnishment and foreclosure and discharge medical bill debts for a fresh start.
While you will likely have to liquidate some of your assets in Chapter 7 bankruptcy, a skilled attorney can save most of your valuable property. It can save you thousands of dollars in restitution to creditors.
Bankruptcy lawyers have a much higher success rate than consumers who file pro se. Only about one in five people who file for bankruptcy without a lawyer receives a discharge.
They Can Help You Determine Which Chapter of Bankruptcy to File
While it is possible to file bankruptcy independently, hiring an attorney is a better idea. They can help you determine which chapter of bankruptcy to file, protect your assets from liquidation, and get relief from your debt obligations.
Bankruptcy attorneys can also help you choose and apply exemptions, value property realistically, and understand which debts don’t get wiped out in bankruptcy (and how to make them disappear).
Additionally, bankruptcy lawyers can help you develop a repayment plan for your Chapter 13 case. They can also help you modify your payment plan if your circumstances change during your case.
They Can Help You Negotiate With Your Creditors.
Even if you aren’t ready to file for bankruptcy, a lawyer can help you protect your asset and negotiate with creditors. For example, they can help you find ways to pay off your debt in a lump sum or reduce your monthly payments.
Creditors know that people represented by lawyers have a much better chance of eliminating their debt. They often try to roll over a typical individual, but an attorney is keen on their tactics and can stop them dead.
Bankruptcy attorneys also understand the ins and outs of the bankruptcy process, including the 341 meeting of creditors, important deadlines, and court fees. They can also modify your Chapter 13 repayment plan if circumstances change.
They Can Help You Avoid Legal Harassment
A chapter bankruptcy lawyer can help you protect your assets and get a fresh start. They will evaluate your financial situation and assess your options for a customized solution.
They can also help you avoid legal harassment. Creditors and debt collectors are legally required to stop harassing you once you file for bankruptcy. If a creditor or debt collector violates this rule, your attorney can take action to enforce the automatic stay and obtain damages.
Your lawyer can also assist you with a 341 meeting of creditors, which is required in all bankruptcy cases. They can prepare you for this hearing and explain how it works.
They Can Help You Get a Fresh Start
A bankruptcy lawyer can help you get a fresh start by filing the appropriate paperwork and advising you on legal matters. For instance, they can ensure you adequately disclose and value your property. They can also help you choose and apply the proper exemptions.
In addition, they can advise you on what debts are dischargeable and which ones remain. They can also help you avoid illegal harassment by informing creditors that any harassing phone calls or letters will be referred to the attorney.
They Can Help You Save Your Credit Score
Getting credit after bankruptcy is essential because it helps establish a positive financial history. A bankruptcy attorney can help you monitor your credit report to ensure it reflects a successful discharge.
Bankruptcy is recorded on your credit report for up to seven years, but a lawyer can often help you get your credit back faster by negotiating an appropriate repayment plan. They may also advise you on other debt-relief options that can lessen the impact on your credit score.
A Chapter 13 bankruptcy differs from other types because it allows you to keep your assets, but only if you pay off your debts over three to five years. Your attorney can help you determine if this is the correct type of bankruptcy for you and help you file the correct paperwork.
They Can Help You Get a Fresh Start
Using their knowledge of bankruptcy law, a Chapter 7 bankruptcy attorney can help you eliminate most unsecured debts and keep your property. They can also help you find ways to deal with your mortgage debt if bankruptcy isn’t right for you.
Bankruptcy law protects many assets, including your home, car, retirement accounts, and other personal possessions. However, the laws differ from state to state. A bankruptcy lawyer knows which assets are exempt from liquidation in your state and can help you file the necessary paperwork correctly.