Bankruptcy is the last resort for people who are already facing a financial crunch. It is a legal process for, which you will have to apply in court and your financial condition is reviewed to check whether your claims are true. If you have decided that you are going to file for bankruptcy, you can do it all by yourself. However, hiring a Katy bankruptcy lawyer can increase your chances of getting approval. Some of the noticeable benefits of hiring a lawyer are elaborated below:
Role in planning for bankruptcy
Since an attorney is aware of the bankruptcy laws, he reviews your financial condition and figures out whether you qualify for bankruptcy. He also suggests debt-free options depending on your financial standing, which you may not know, as you don’t have enough knowledge. He can also figure out if the negotiation with the creditors can help and you won’t need to declare full bankruptcy.
If the attorney believes that bankruptcy is the best option for you, he can suggest the best way to file it. It can be filed under Chapter 7 and Chapter 13. After assessing your debts and assets, he can guide you on which bankruptcy is the best for you. An attorney can assess all the factors and decide which one fits well your financial status.
Preparation for bankruptcy
It has been observed that several documents and financial statements have to be produced in support of bankruptcy. An attorney helps you organize all these documents and prepares you to declare bankruptcy. The paperwork includes the information related to your income, debts, assets, and real estate. He will tell you which document is required when you file for bankruptcy. To avoid any fraud and representation of the case, an attorney will always be there for you.
Legal representation of the case
Bankruptcy is a legal process, in which you will submit the financial details in court. If it is done properly with the help of an attorney, the chances of mistakes and errors are minimized to a great extent. That’s why, it is suggested to contact a qualified attorney who is well-versed with the laws, experienced, and skilled. You can rest assured that an expert is handling your case. He can negotiate and work on the repayment plan according to your financial capability reducing your burden.
You just need to research online to find a reputed bankruptcy attorney nearby you.