Should I Get a Lawyer for Bankruptcies?
Written by Robert DeMarco
What Is a Bankruptcy Lawyer and What Do They Do?
Bankruptcy is a legal proceeding that may be necessary if you are unable to repay your debts. If you are considering filing for bankruptcy, one of the first questions to ask yourself is whether or not it would be in your financial best interest to hire an attorney.
Bankruptcy attorneys can help you with your bankruptcy filings and give legal advice. They will verify your eligibility to file for bankruptcy and determine the best type of bankruptcy depending on your situation, like how much debt you have or a business. Bankruptcy lawyers will also help you get back on track financially by negotiating settlements through Chapter 11 or Chapter 13 bankruptcy proceedings.
Bankruptcies don’t erase debt entirely; they reorganize it over time and give people additional opportunities to pay off what’s owed in an installment plan set up during the process. Personal bankruptcies last between three and five years before all debts are paid either through an individual payment plan or a Chapter 13 discharge.
Can I find one online?
You may be able to look up bankruptcies lawyers in an area via Google or by checking out reviews from other clients who made use of their services before choosing someone.
What does hiring cost?
The costs vary depending on what town/state they are located in, as well as whether they charge by the hour or a flat fee per case, so this would need to be discussed. The average cost for hiring an attorney ranges from $300-$500 per hour or a flat fee of around $2000, which can go up depending on the type and complexity of your bankruptcy case.
What should I expect?
Bankruptcy lawyers will need to see all supporting paperwork about you and your debt before they make any judgments, but that may come at a price. They are not required by law to provide advice unless it is part of their contract, so if you just want them to do some research, then this may not require spending money upfront.
Can I get one who provides different services?
You might be able to find someone that offers both legal counsel as well as electronic filing because most bankruptcy attorneys are qualified to do both. You can also ask them about the different types of bankruptcies like Chapter 13 or Chapter 11 and what is best for you.
Reasons Why You Should Hire a Bankruptcy Attorney
If you are considering filing for bankruptcy, one of the many difficult decisions you will have to make is whether or not to hire a lawyer. This decision can be challenging if you do not know much about bankruptcy law and don’t want to risk making a mistake in your filings. We will go over some of the reasons why it might be wise to get legal representation during your proceedings, as well as some things that should help you determine when it’s worth hiring an attorney.
The American Bar Association estimates that there are more than 400,000 personal bankruptcy filings every year in the United States. Bankruptcy lawyers can help you file for bankruptcy and provide free advice on options to consider before taking this drastic step.
An attorney will be able to explain all of the pros and cons associated with Chapter 7, Chapter 11, and Chapter 13 bankruptcies, as well as other debt-relief resources such as student loan refinancing programs, credit counseling services, and traditional lending organizations like banks and credit unions which offer loans without collateral requirements.
If you have fallen on hard times and can’t get back to financial stability by yourself, bankruptcy lawyers are here to help with the legal side of things so that you don’t fall any further into debt than necessary. You should get a bankruptcy attorney if:
- You have fallen behind on your debt payments
- Your monthly bills are too high, and you don’t know where to turn for help.
- You’re experiencing financial emergencies that may make it challenging to keep up with monthly bills, such as being unexpectedly laid off from work or having medical costs that exceed what is covered by insurance. If either of these events happens – consult an attorney who can outline other options in addition to filing for bankruptcy which could stop creditor harassment while keeping assets intact like negotiating with creditors.
- You have had problems in the past keeping up with monthly expenses and need to find more affordable housing or make adjustments to other living costs.
- Your credit score is so low that you can’t obtain any new loans, lines of credit for the short term, or even get approved for some types of jobs – then consult an attorney who will be able to advise you on bankruptcy and how it could impact your credit report as well as what remaining options are available like refinancing student loan debt which may help if recent graduates have fallen into delinquency because they were unable to keep up their payments. Bankruptcy lawyers also advise applying for traditional lending organizations such as banks and credit unions that offer loans without collateral requirements when a person has a bad credit score.
- You are already going through a bankruptcy process but need legal assistance or advice.
- If you are considering filing for bankruptcy but want the best possible representation, consult an attorney who will be able to provide legal advice and assistance during your Chapter 13 or 11 process. Bankruptcy attorneys can help with completing all necessary forms, filing them in court, negotiating terms of repayment on debts such as mortgage loans or car payments that have been refinanced into new financing – it may also involve representing clients at hearings before creditors are appointed by the judge, mediating disputes between debtors and creditors so they don’t go through litigation which could generate additional costs like paying for expert witnesses or lawyers fees if there is no prearranged agreement beforehand.
There are many reasons why you may want a bankruptcy lawyer, but it is difficult to say if these lawyers will be worth their price. If you have any questions about hiring an attorney for bankruptcies or would like some more information about our services, don’t hesitate to get in touch with Demarco Mitchell, PLLC!
Benefits of Hiring a Bankruptcy Lawyer in Plano, TX
Hiring a Bankruptcy Lawyer provides many benefits, including ensuring compliance with deadlines, following all laws, and obtaining peace of mind. Here are some of the benefits of hiring one:
- Bankruptcy Lawyers understand how these laws work and what needs to be done for your case. This means they will quickly catch any mistakes in filling out forms or paperwork before it becomes too late. They also know how the court system works and are able to represent your interests best.
- Bankruptcy lawyers are needed to help you through the steps of filing for bankruptcy and represent your interests in court.
- They will make sure that everything is filed correctly and all deadlines are met.
- A lawyer can also advise you about what types of assets or income could be exempt from liquidation.
- The process of filing for bankruptcy is a complicated one, which means that an attorney will provide you with the legal assistance needed to get through it. They specialize in bankruptcies and are also familiar with all state laws related to them.
- A lawyer knows how much time they have before court deadlines arise and will keep track of any documents filed on their behalf by other parties involved in the proceedings. This full-service package gives clients peace of mind when going through this challenging process.
- A lawyer knows what types of assets or income could be exempt from liquidation. This is useful because it can help you maintain your home during the proceedings.
- The lawyer has experience in this field, which means they know how to handle any documents filed on behalf of other parties involved in the proceedings – giving clients peace of course when going through a difficult time.
These are just some of the benefits you get with an attorney on your side when filing for bankruptcy. If you are considering this process and would like more information, call Demarco Mitchell, PLLC, today, a professional bankruptcy law firm in Plano, TX, at (972) 578-1400 or visit our website to learn more about our services.
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