Filing for bankruptcy can be scary, but it can also provide a fresh start. A bankruptcy lawyer can help you complete the necessary paperwork, correct any errors, and determine which assets are exempt or not.
They can also act as your advocate during any court-mandated hearings or when dealing with creditors. Here are the top benefits of having a bankruptcy lawyer.
When you want to file for bankruptcy, it’s important to know the intricacies involved. An experienced lawyer can help you file the right paperwork, understand the 341 meeting of creditors and the important deadlines involved with the process.
A bankruptcy attorney can also guide you through the various types of bankruptcy and help you decide which is best for you. They can help you properly value your property and choose and apply exemptions to keep as much of your assets as possible. They can also help you determine which debts are dischargeable and which ones will stay on your credit report.
They will also protect you from the harassing creditors and collection agencies who may otherwise attempt to collect against you during your bankruptcy proceedings. They will ensure that the documents you provide to the trustee are complete and accurate and that any information you disclose is truthful and honest.
If you’re behind on your mortgage or facing foreclosure, a bankruptcy lawyer can help you save it. They’ll use their knowledge of mortgage laws and negotiating skills to explore possible mortgage modifications or alternative solutions outside of Chapter 13 bankruptcy.
The right attorney will also know how to value your property correctly so that you can keep the most assets as possible. They’ll also know which exemptions to choose and how to apply them in order to make the most of your bankruptcy filing.
Plus, they’ll be familiar with local rulings and how to work with trustees and creditors’ attorneys. Having a lawyer to represent you can be much less stressful than trying to deal with these issues on your own. Then again, you’ll have someone to hold your hand and guide you through the process.
A bankruptcy trustee or creditor can request the proper ways in a case to investigate the debtor’s finances. This type of investigation can include questioning anyone with knowledge about the debtor’s assets, financial condition, or actions before filing for bankruptcy.
A good bankruptcy lawyer can help you avoid an examination by making sure all relevant information is included in your bankruptcy documents. This includes listing all your assets and disclosing all financial transactions you’ve made.
If a creditor suspects fraud—such as fraudulent transfer or non-disclosure of assets— they can file an adversary proceeding
. 4. They Can Help You Discharge Debts
Bankruptcy involves a lot of paperwork and documentation. A lawyer can make sure that the forms are filled out correctly and submitted on time. They can also help you avoid a creditor’s request for a more detailed examination of your finances.
A bankruptcy lawyer in Harrisburg PA lawyer knows which debts are eligible for discharge and how to use the state’s exemption laws to protect assets. They can also advise you on whether or not filing for bankruptcy is the best option for you.
Bankruptcy lawyers are skilled negotiators and can negotiate settlements or repayment plans with your creditors that may resolve many of your financial issues without the need for a full bankruptcy case. This can save you time, money, and stress.
If you’re looking to get rid of your debts, a bankruptcy lawyer can help. They can answer your questions about the process, help you file and represent you at any hearings that may come up. They can also help you figure out which kind of bankruptcy is best for you. There are a number of different kinds, and your lawyer will know all the details involved, like what to disclose and how to value your assets.
They will also understand how exemption rules work and be able to use them to your advantage. They can also make sure that your income falls below the median threshold for a Chapter 7. That will keep you from owning your creditors any more money in the future.