Filing for bankruptcy may be difficult and frustrating, particularly if you are unfamiliar with bankruptcy law. You can employ a bankruptcy attorney rather than attempting to learn all the ins and outs of the law so that you can represent yourself while filing for bankruptcy. This is the most effective approach to ensure that the process runs well and that costly errors are avoided. You will also benefit from the following five essential advantages of engaging an attorney for your bankruptcy proceedings.
Debt Relief to the Max
Your bankruptcy attorney will assist you in determining the best kind of bankruptcy to file (Chapter 7 or 13) in order to obtain the most debt relief. Your lawyer will do this by going through all of your debts and responsibilities with you, as well as listening to your requirements and financial goals.
Means Testing Assistance
You must satisfy the equivalent California means test to qualify for either form of bankruptcy. Your lawyer can guide you through the procedure and ensure that all of the calculations are completed correctly for a precise outcome.
Advice on Exemptions
During a bankruptcy, certain categories of property may be excluded from liquidation. Of course, finding and claiming your exemptions comes with a slew of regulations and restrictions. You even have to select between two distinct exemptions in California. The best method to guarantee that you pick the proper exemptions and distribute them judiciously is to consult an attorney.
An End to Debt Collectors
Another advantage of having a lawyer for your bankruptcy procedures is that you will be free of debt collection harassment. Your debt collectors must divert all interactions to your lawyer as soon as you engage a lawyer and tell them of this. This implies you can avoid their scrutiny even before your bankruptcy is completed.
Your Attorney Fees Can Likely Be Paid as Part of Your Bankruptcy Settlement
In some circumstances, you may be able to pay your attorney fees and court costs as part of the bankruptcy settlement. This is a significant advantage over conducting the procedure yourself and paying for everything yourself.
As you can see, there are several advantages to choosing an expert bankruptcy attorney. The value of the assets they help you protect from liquidation frequently outweighs their legal expenses, making hiring a bankruptcy attorney a wise investment in your future. Contact The Law Offices of Paul Y. Lee at 888-748-0025 to request a free consultation.