The Benefits of a Bankruptcy Lawyer

While it is possible to file for bankruptcy on your own, most people get a much better result by hiring an attorney. They can protect you from creditors and even help you find a way to completely eliminate your debts.

A bankruptcy lawyer will help you decide which type of bankruptcy to file for, properly value your property and determine which debts can be wiped away. They will also handle communicating with your creditors and debt collectors for you.

They Can Help You Keep Your Home

A good bankruptcy lawyer can guide you through the entire process of filing. This includes completing all the necessary forms, explaining bankruptcy law and procedures to you, attending meetings with creditors and much more.

During the bankruptcy filing, it’s important that you accurately value and disclose all assets. Bankruptcy laws allow you to protect some property through exemptions, and your attorney will know how these rules work so that you can keep as many assets as possible.

In Harrisburg, pa bankruptcy lawyers also know which debts are eligible for discharge and will help you determine which ones you can reasonably expect to eliminate with a Chapter 7 bankruptcy filing. They can also help you save your home by ensuring that you’re able to afford the mortgage payments once you’ve cleared up all of your other debts with a Chapter 13 bankruptcy filing. This will involve negotiating with creditors to get your mortgage payment down to an affordable amount for you.

They Can Help You Eliminate All Eligible Debts

Bankruptcy is a last resort for people who are overwhelmed with debts that they have no hope of paying. A bankruptcy attorney will work to ensure that all eligible debts are discharged during the process. They will also help you determine the best type of bankruptcy to file based on your situation.

A lawyer will also understand state laws regarding exemptions and how they apply to your case. This will save you money by allowing you to protect more of your assets.

In addition, bankruptcy attorneys will handle all communication with creditors on your behalf. This will save you time and stress from dealing with these calls. They will also keep track of all paperwork and deadlines. This will prevent you from making mistakes that could jeopardize your case or cause it to be dismissed. This includes filing incomplete or incorrect documents, turning them in after the deadline, and more. These errors could be costly in the long run.

They Can Help You Avoid Creditor Harassment

If you are buried under an enormous amount of debt, it’s easy to feel overwhelmed and fearful. Creditor harassment can exacerbate this feeling and make it even harder to handle your daily tasks. A bankruptcy lawyer can protect you from this

harassment by informing creditors and debt collectors that they must contact your lawyer instead.

This also means that any debt collection agency or creditor that tries to contact you before this is done will be breaking the law and could face legal consequences. This is an important benefit because dealing with creditors can be one of the most stressful parts of filing for bankruptcy and is what drives many people to seek protection in the first place.

Bankruptcy cases require a lot of paperwork, including schedules detailing your assets, income, and expenses. A competent bankruptcy attorney will anticipate your needs and ensure that all documents are filed correctly. This includes knowing how to value your property, which exemptions to use, and what types of transactions to avoid (like hiding assets or lying on a court document). Mistakes could have serious consequences such as criminal charges for fraud or perjury.

They Can Help You Save Your Assets

Bankruptcy filings require the disclosure of many financial data points, including your assets, income, expenses, and recent financial transactions. Your bankruptcy attorney anticipates your case needs and can help you to effectively portray your financial situation. They know how to value assets, what constitutes income and what expenses are “reasonable and necessary.” They also understand the exemption systems for each state to help you keep the maximum amount of your personal financial property.

They are skilled negotiators. When a creditor threatens to sue or seize your property, they can negotiate with the creditor on your behalf and resolve the issue without the need for a full-blown bankruptcy case.

If you file for bankruptcy, they will make sure that your paperwork is properly filed and turned in by the required deadlines. A competent bankruptcy lawyer can save you money and time by avoiding costly mistakes that may derail your case. They can also provide insightful advice about other viable options to managing your debt outside of bankruptcy.