Filing for bankruptcy is a difficult decision to make. For many people, it's an emotional and stressful time. If you don't want this process to overwhelm you, you shouldn't handle your case yourself. Instead, hire a bankruptcy attorney. While some people may hesitate to do so, thinking it's a waste of money, this isn't necessarily true. These lawyers can actually save you time, money, and stress in the long run. Here are three reasons why hiring them is a wise decision:
They'll Protect Your Assets
When you file for bankruptcy, you probably don't want your assets to be liquidated. You may also want to keep your home and car. A bankruptcy attorney can help you determine the assets that are exempt from seizure and help you keep them. Additionally, they'll find out if your debts can be discharged. If you have non-dischargeable debts, they'll help you create a repayment plan. This way, you won't worry about losing your assets or being unable to pay off your debts.
They'll Help You Rebuild Your Credit
Your credit score is important. It can determine whether or not you're approved for a loan, and it can affect your interest rate. If you have a low credit score, you may not be able to get a loan at all. A high credit score, on the other hand, can save you money on interest. If you're considering filing for bankruptcy, you may be worried about the impact it will have on your credit ratings. While it may affect your score, it's not a death sentence. Some things can be done to rebuild your credit after bankruptcy. A bankruptcy attorney can create a plan for you to improve your credit score. They'll also assist you in obtaining a new credit card or loan with better terms and rates.
They'll Help You to Choose the Right Type of Bankruptcy
Filing for bankruptcy is a big decision that will have a major impact on your financial future. Fortunately, a bankruptcy attorney can help you to navigate the process and make the best decision. Although there are several types of bankruptcy, each with its advantages, a lawyer will evaluate your situation and advise you on the type that is likely to be the most beneficial for you. If you have significant assets, for example, Chapter 7 bankruptcy may not be the best option because it does not protect your assets from seizure. Likewise, if you don't have many assets, Chapter 13 bankruptcy may not be necessary. A lawyer will also tell you other exemptions that will enable you to keep some of your property.
Hiring a bankruptcy attorney isn't a decision to be made lightly. However, it's important to consider all your options and seek professional help when making such a major financial decision. A professional bankruptcy attorney will make the process easier to understand and help you protect your assets.
Contact a local bankruptcy lawyer, such as Harold S. Entes Esq., to learn more.