The Basics Of A Bankruptcy Attorney
Posted on: 29 June 2022Share
Filing for bankruptcy can be a difficult process to do on your own. It can also cause a lot of stress, especially if you are not sure you are going about it the right way. Luckily, there are bankruptcy attorneys that can help ease this tough time for you.
What Is Bankruptcy?
Bankruptcy will most often occur when a debtor petitions the court. The case will happen in federal court. Bankruptcy may sound scary, but if you have sunk too far into debt and are struggling to get out, filing for bankruptcy may be your best option. It can erase your debt or even just provide you with a repayment plan. Though depending on the type of bankruptcy you file for, this may include liquidating your assets.
What Is a Bankruptcy Attorney?
A bankruptcy attorney is the type of lawyer that specializes in filing and representing bankruptcy cases. These lawyers are experienced and well-educated on all of the laws surrounding bankruptcy. They know all of the mistakes to avoid and may be able to find some loopholes.
What Does a Bankruptcy Attorney Do?
The first thing a bankruptcy attorney will do is help you determine whether or not you should file for bankruptcy.
Other things a bankruptcy attorney will do include:
- Educate you on the laws and procedures
- Help you determine which chapter to file under
- Help you determine whether or not you can keep your assets
- Inform you of any tax consequences
- Complete all paperwork and documentation
- Represent you in court
Your bankruptcy attorney will do whatever they can to make this process as smooth as possible.
Do You Need a Bankruptcy Attorney?
You have a legal right to represent yourself in court, but it may not be the best option for you overall. Because a bankruptcy attorney is familiar with the law and process, they bring a higher chance of erasing your debt to the table. Debt collectors will do whatever they can to get paid, so if you represent yourself, they may take advantage of the fact that you are inexperienced.
How Much Does It Cost to Hire a Bankruptcy Attorney?
Depending on the type of bankruptcy you are filing for, you may have to pay your attorney fees upfront. The cost to hire your attorney will also depend on the type of bankruptcy. If your case is difficult, the price could get very expensive.
If you need a bankruptcy attorney, schedule a consultation today.