Whether personal or business, a bankruptcy proceeding is something you shouldn’t try to go through without counsel. There are specific processes, rules, and regulations that must be followed to ensure that the bankruptcy filing actually accomplishes your goals. An experienced bankruptcy attorney will understand how all of this works. This post outlines some additional, potentially unexpected reasons why you should hire representation through the Chapter 7, 11, or 13 bankruptcy process.
Reason #1: Bankruptcy Might Not Be The Best Option
Even for those with significant amounts of debt, bankruptcy still might not be the best option. A qualified bankruptcy attorney can help determine if you’ll actually resolve your debts through a filing, as not all debts are dischargeable.
Reason #2: Valuations and Means Test
Almost every individual interested in bankruptcy will have to go through a means test to determine if they qualify for a particular bankruptcy chapter, if their property will be protected, and if they can afford to make the payments in a Chapter 13 case, specifically. An attorney can help find any special circumstances to help guide this process.
Reason #3: Completing Paperwork and Handling Creditors
Any bankruptcy filing comes with significant paperwork, which qualified bankruptcy attorneys have experience filling out. One wrong filing or error could derail your entire case. Additionally, an attorney can help navigate the tricky process of dealing with any creditors who may file a claim against your assets.
Reason #4: Representation Post-Bankruptcy
Should any of your creditors try to file a claim against you following the resolution of your bankruptcy, you’ll have professional representation on your side to deal with that. The attorney and his or her firm can also give you crucial tips on avoiding bankruptcy in the future or refer you to additional credit education resources.
These are just a few reasons why it’s vital to hire a bankruptcy attorney to help make your filing a smoother and easier process. Call Natural State Law at (501) 916-2878 to discuss your individual case and to determine if personal or business bankruptcy is right for you.