How a Bankruptcy Lawyer Can Help You Navigate Your Financial Debt
Introduction: Introducing a Bankruptcy Lawyer – What’s the Point?
A bankruptcy lawyer is a lawyer that specializes in helping individuals and businesses to work through their debt problems. They are usually hired by people who are considering filing for bankruptcy, to help them avoid doing so or to ensure that they do it correctly. A bankruptcy attorney will usually have a law degree and often have an additional diploma in insolvency law which enables them to practice as an insolvency practitioner.
This article aims at the basics of what the point of hiring a bankruptcy lawyer is, what type of help they provide, what sort of qualifications they need and how much it will cost you.
4 Main Reasons to Consider Filing for Bankruptcy
The decision to file for bankruptcy should not be taken lightly. Bankruptcy is a complicated legal process and it should not be done without the help of an experienced bankruptcy attorney.
People who are considering filing for bankruptcy usually have one or more of these four main reasons:
– They owe too much money and don’t see any way out.
– They’re getting scammed by their creditors.
– They want to start over with a clean slate.
– They’re embarrassed by their financial situation and want to move on as quickly as possible.
5 Common Questions About Filing for Bankruptcy
Filing for bankruptcy is a difficult decision, but it may be the only way to get out of debt. Bankruptcy can relieve you of overwhelming debt and help you get back on your feet.
Bankruptcy is not the same thing as giving up on your financial obligations. It’s an aggressive move that sometimes demands tough decisions, but you’ll be in better shape financially in the end.
How Does a Bankruptcy Lawyer Work?
A bankruptcy lawyer, also called a bankruptcy attorney, helps people and businesses that are having financial difficulties. They may work for a law firm or as an independent practitioner.
Bankruptcy lawyers help people and businesses with a variety of financial problems. These types of issues may include:
-Debt consolidation
-Chapter 7 or Chapter 13 Bankruptcy filings
-Involuntary bankruptcy proceedings
-Reorganization of debt
-Debtor’s rights
What Happens When I Declare Bankruptcy?
If you’re considering filing for bankruptcy, you should know that it can be quite a complicated process.
The first step is to file a petition with the court and complete the appropriate paperwork. You’ll then need to gather your financial documents and provide them to your attorney or trustee in order to determine your financial situation and how much will be needed to reorganize your debts.
Consider this: If you want to avoid losing property such as a home, car, or furniture as part of the bankruptcy proceeding, you may wish to rent those items by talking with a company like Rent-A-Center.
Author: Simeon Bala
I am a finance market research analyst with over five years of experience. I have a strong interest in personal finance and investment research. I am also a skilled copywriter.
