When filing for bankruptcy, the main options you have are chapters seven and thirteen. However, each category has its share of benefits and drawbacks. Therefore, you will need the assistance of an experienced lawyer to choose the suitable one.
While chapter seven allows you to get rid of the entire debt, thirteen enables you to pay back the debt over time. So if your business is in a state of insolvency and you are not sure which bankruptcy option will work best for you, consider hiring a bankruptcy attorney. Here are reasons why hiring a lawyer is a great idea.
They Understand Legal Processes
Few people understand how filing for bankruptcy works, especially when going through it for the first time. Lack of knowledge about the process can easily lead to mistakes that worsen your financial situation. The lawyers will help you organize all the documents you need to file the case successfully. They will also equip you with legal knowledge to help you make the right decision every step of the way, thus speeding up the process.
They Handle Creditors
Your creditors may give you a rough time when facing insolvency. Their constant calls as they demand their money can leave you without peace of mind. But once you initiate the bankruptcy process, your attorney will find ways to stop the lenders and debt collectors from harassing you. For instance, they will receive calls and emails from the lenders and answer their queries on your behalf. That way, you will get some peace of mind and focus on planning the future.
They Help You Save Money
Most people file for bankruptcy with the notion that they are in an irredeemable financial situation. For that reason, you may get tempted to think that hiring a lawyer is an unnecessary expense. But, on the contrary, an experienced bankruptcy attorney has vast court experience to enable him to negotiate for an outcome that places the least financial burden on you.
They Provide Better Odds for Success
Bankruptcy lawyers only deal with insolvency cases. As such, they understand and use the language that gets the court's attention to rule in your favor. They also have some personal relationships with judges, which is crucial when you need a financial reset.
The best thing about hiring a bankruptcy attorney is that they help you get the peace of mind, time, and space that you need to handle your insolvency. As a result, you will reorganize yourself and come back stronger.Share