People that have financial issues normally view filing for bankruptcy as a financial fresh start. In case you are feeling overwhelmed by debt, are facing foreclosure, and creditors are threatening to sue you for their money, the law has a provision that protects you and gives you time to reorganize yourself. However, there are certain things that you need to know about the process before you start the filing process. These are the reasons you need the guidance of a Bankruptcy Attorney.
The legal implications of filing for a bankruptcy
There are certain things that many people do not consider when filing for bankruptcy, probably because of desperation.
1. A bankruptcy stays in your credit history for a very long time. This means that even after getting the debt issues solved, you will have to struggle harder to get financial assistance from banks, mortgage lenders, insurers and other financial institutions.
2. Bankruptcies aren’t the best idea for business. This is because they create an image of a financially disorganized person, and this will not attract investors. Hiring an attorney before everything falls apart will provide you with options that will not have negative consequences on your business.
When you decide to file
There are certain situations where you will have to get debt relief regardless of your preferences. When this happens, you will need a lawyer to help you follow all the right procedures and avoid getting disqualified. They will help you avoid the loopholes that make people lose their chances at debt relief. Here are a few of the things that a lawyer will help you within the process.
1. They will help you establish whether you should file for chapter 7 or 13, or another chapter, depending on your situation.
2. They will do the calculations for you to ascertain that your income equals the median for the state you live in.
3. They will help you fill out the paperwork, and provide all the necessary details. They will proofread the applications and ensure that there aren’t bits of inconsistent details.
4. The attorneys at law will make sure that you do not get tempted into hiding some assets as this could lead to fraud charges.
These are the reasons you should hire a competent Bankruptcy Attorney. Shinbaum & Campbell is a firm that works with bankruptcy cases among other legal issues.
