When you are in dire financial trouble and you know that there is no way that you can crawl out of debt on your own, it’s time to consider filing for bankruptcy. It is a solution that can help cancel out your existing debt or come up with a more manageable payment plan for it. It’s a move that will prevent collection agencies looking to seize your assets from hounding you. This will give you the breathing room needed to start the process of improving your financial standing.
Bankruptcy Can Help Free You Up From Certain Debts
Bankruptcy is actually a court procedure that allows you get immediate relief from any debt that you can no longer afford to pay due to your current circumstances. These include your credit card debt and even any unsecured loans that you may have. Hence, filing for bankruptcy can be a good way for you to improve your financial situation and get a fresh start.
Typically, you can choose to file bankruptcy on your own or with the help of a bankruptcy lawyer in Raleigh. As experts would tell you, however, it’s always better to go through this process with legal representation for a number of practical reasons.
A Bankruptcy Lawyer Can Determine Which Chapter You Should File For
When it comes to bankruptcy, there are a number of possible chapters that you can file for. Because of this, you need to know exactly which one would be the best fit for your situation. This can be quite confusing especially when you don’t know your way around the bankruptcy procedure.
A bankruptcy lawyer can look at your case and immediately determine which chapter would provide the best level of protection for your assets. Not only that, they can also explain the differences between each chapter to help you become more informed.
A Bankruptcy Lawyer Can Increase Chances of Your Filing Getting Accepted
Not all bankruptcy filings get accepted. This may be due to a couple of reasons. For starters, the paperwork may not have been filled up properly or there may be a failure in filing all the required documents. Meanwhile, in the case of Chapter 7 and Chapter 13 bankruptcy, there are also cases when the person filing on their own has chosen the incorrect property exemptions. This can lead to your property being taken.
With a bankruptcy lawyer working with you, these mistakes can easily be avoided. They can take you through all the paperwork that you need to file. At the same time, they will determine which information needs to be reported so that the chances of your acceptance are greater.
If you’re seriously thinking about filing for bankruptcy, don’t go at it alone. Instead, consult with bankruptcy lawyers in Raleigh, NC. Their help will significantly improve your chances of being granted all the relief available through bankruptcy filings.
Pitfalls of Filing for Chapter 7 Bankruptcy Without an Attorney, nolo.com
What Is Bankruptcy?, nolo.com
Bankruptcy is a good thing, wisebread.com