- Bankruptcy allows individuals or businesses suffering from unpayable debt to reorganize their finances for a fresh start.
- There are many different types of bankruptcy, with Chapter 7 and Chapter 13 being the most common for individuals.
- A bankruptcy attorney can help you navigate the complex legal process, handling everything correctly and with minimal stress.
- Contact Werner, Hoffman & Greig to work with experienced bankruptcy attorneys with a proven track record of success.
Navigating overwhelming debt can feel like drowning. If you’re facing this situation, filing for bankruptcy can be a lifeline–one that over 30 thousand Americans grasp every year—but it’s a daunting idea. What is bankruptcy? How does it work? How can it help you?
If you’re considering filing for bankruptcy, it’s time to get in touch with a bankruptcy attorney. While it’s technically possible to file for bankruptcy on your own, a bankruptcy attorney can help you understand your options and secure a positive outcome.
Bankruptcy is a legal process that allows both individuals and businesses to get back on track when unable to cover their debts. Bankruptcy allows you to reorganize your finances and get a fresh start.
There are many different types of bankruptcy, known as “chapters,” that cover different circumstances. The most common ways for an individual to file are Chapter 7 and Chapter 13.
- Chapter 7 bankruptcy, sometimes known as straight bankruptcy or liquidation bankruptcy, involves gathering and selling a debtor’s assets, with the proceeds going towards paying off debts. This method is often used for credit card or medical debt.
- Chapter 13 bankruptcy, sometimes called reorganization bankruptcy, allows debtors to repay their debts through a structured payment plan, usually over a period of 3 to 5 years.
Each type of bankruptcy has different eligibility requirements, most often involving an inability to pay your debts and a clean financial history.
The Role of a Bankruptcy Attorney
The legal and financial systems are complex and difficult to navigate. Working with a bankruptcy attorney helps you understand your options and make the best choices for your unique circumstances.
A bankruptcy attorney provides you with valuable assistance by:
- Evaluating your financial situation: A bankruptcy attorney can examine your income, assets, and debts to determine if you need to pursue bankruptcy and, if so, what type of bankruptcy best suits your needs.
- Completing the paperwork: Filing for bankruptcy involves a lot of forms that must be completed accurately. A bankruptcy attorney can make sure the paperwork is done thoroughly and correctly, helping to ensure a good outcome for you.
- Negotiating with creditors: A bankruptcy attorney can protect you in negotiations with your creditors, reducing your debts and creating a repayment plan you can afford.
- Representing you in court: Your bankruptcy case may end up in court. In this scenario, a bankruptcy attorney representing you is a valuable ally.
Bankruptcy is a convoluted process that takes an expert to fully understand. A bankruptcy attorney is that expert and can make sure that all the details are taken care of with minimal complications.
When to Consider Hiring a Bankruptcy Attorney
When you’re considering bankruptcy, working with a bankruptcy attorney is always a good idea. In particular, you should highly consider hiring a bankruptcy attorney if:
- Your financial situation is complex.
- You have been sued by a creditor.
- You don’t know which type of bankruptcy is best for you.
- You’re worried about losing a significant chunk of your assets.
- You need help negotiating with creditors.
How to Choose the Right Attorney for Your Claim
Filing for bankruptcy is an important decision, and so is choosing the right bankruptcy attorney to assist you in your claim. Picking the right lawyer can make a major difference in the success of your case, as well as your stress levels during it.
When choosing a bankruptcy attorney, consider the following factors:
- Experience: Do they have a track record of success with bankruptcy cases similar to yours?
- Reputation: Do they have a good reputation online? Do your friends, family, or other professionals have recommendations?
- Fees: What is their fee and payment structure?
- Communication: What is their communication style? Do they explain things in a way you feel comfortable with and can understand?
What are the Risks of Filing for Bankruptcy Without an Attorney?
If you’re considering bankruptcy, you’re probably in a tough spot financially. It may be tempting to save money by filing for bankruptcy on your own without the help of a bankruptcy attorney. However, the cut costs are outweighed by the possible risks, including:
- Paperwork errors: This could delay your case or even lead to your case being dismissed.
- Not understanding your rights: You may miss out on valuable benefits that you are entitled to under the bankruptcy law.
- Poor negotiating: You may end up paying more than you owe.
- Losing your assets: If you do not properly protect your assets, you could lose them in the bankruptcy process.
- Criminal charges: Dishonest bankruptcy filing may lead to criminal charges.
Legal fees can be expensive, but the potential long-term consequences of mishandling your bankruptcy filing are far greater. Working with a qualified bankruptcy attorney is a better idea, plain and simple.
Contact Werner, Hoffman & Greig to Speak with an Experienced Bankruptcy Attorney ASAP
If you’re considering filing for bankruptcy, don’t wait–get in touch with an experienced bankruptcy attorney, like the team at Werner, Hoffman & Greig, right away. The sooner you seek legal help, the better your chances of a successful outcome.
Frequently Asked Questions About Bankruptcy
Is it mandatory to file with a bankruptcy attorney?
No, working with a bankruptcy attorney is not mandatory. It’s totally legal to file for bankruptcy on your own without the help of a professional.
However, it may not be the best idea. The financial and legal systems are complicated, and without advice from a bankruptcy attorney, you may end up making a costly mistake in your bankruptcy filing.
How much does a bankruptcy attorney usually cost?
The cost of a bankruptcy attorney’s services can vary depending on the complexity of the case, the type of bankruptcy, and the experience of the attorney. For instance, Chapter 13 bankruptcy is usually more expensive than Chapter 7 bankruptcy.
Consult a bankruptcy attorney for information about how much your specific bankruptcy filing may cost.
What should I expect from my first consultation with an attorney?
During your initial consultation, a bankruptcy attorney will review your financial situation and discuss some options. They’ll also explain the typical bankruptcy process and answer any questions you may have.
How do I know if bankruptcy is the right choice for me?
Big financial decisions are always intimidating, and only you can know if bankruptcy is the right decision for you. Consult with a bankruptcy attorney to get an educated opinion on your individual circumstances and make a more informed decision.