Financial stress can devastate you, especially if you’re considering bankruptcy. For example, the National Library of Medicine detailed how economic difficulties correlate to increased depression and anxiety.
Instead of managing a bankruptcy on your own and intensifying your stress, consider these reasons for hiring a bankruptcy lawyer.
Retaining more of your assets
A lawyer can show you how to correctly value your assets and keep more of your property by utilizing exemptions. For instance, your attorney can fight to get you the total amount of the homestead exemption, which safeguards tens of thousands of dollars of your home equity.
Selecting the correct chapter
Your lawyer can help you determine whether Chapter 7 or Chapter 13 is right for you. Each option has pros and cons, and the wrong choice can cause irreversible financial strain.
Avoiding bankruptcy if possible
When a lawyer reviews your books, you might devise a repayment plan to avoid the challenge of bankruptcy altogether. Then you can more easily rebuild your credit.
A lawyer helps you avoid mistakes that can have painful consequences, such as missed deadlines or incorrect valuations. Your attorney ensures prompt submission of documents and fees, which speeds up the process and saves you money.
Negotiating with creditors
Your attorney can do all of your communicating with creditors, lessening those harassing calls. Once you finish your proceedings, your legal representative helps halt creditors who might keep trying to collect on canceled debts.
Bankruptcy can lay the foundation for economic recovery. With a bankruptcy attorney on your side, you minimize the pain and pave the path for a surer financial future.