If you are struggling to pay your bills and you can’t seem to make any headway against your debt, it can be very discouraging. Bankruptcy provides a legal and viable way to regain control of your finances and start fresh – but it can also seem intimidating. After all, bankruptcy is a legal process, with documentation requirements and deadlines, court appearances, and meetings with creditors. If you are considering bankruptcy, don’t let the process scare you. By hiring a bankruptcy attorney, you can take advantage of their guidance and expertise to make the process less stressful and significantly increase your potential for success. What is the role of a bankruptcy attorney? Here are the basics:
- Legal Expertise, Guidance, and Knowledge: Bankruptcy law is a specialized field that is ever-evolving and changing. It is not realistic for individuals to possess the necessary understanding of the complexities of the bankruptcy code. You cannot be expected to know about legal exemptions and personal eligibility criteria. These details can be overwhelming for those already anxious about their financial situation. An experienced bankruptcy attorney offers in-depth and relevant legal knowledge, allowing them to evaluate your unique situation, logically explain your options, and help you select the best route to take – whether Chapter 7, Chapter 13, or another alternative entirely. After a comprehensive review of your assets, debts, income, and expenses, they may recommend debt consolidation or negotiation in lieu of bankruptcy.
- Required Paperwork, Filings, and Documentation: There is a significant volume of paperwork and documentation involved in filing for bankruptcy. When documents are improperly filed or inadvertently left out, the process becomes far more complicated. In addition to almost certain delays, missing or inaccurate documentation may cause an outright dismissal of your petition. A bankruptcy lawyer will assist in collecting, organizing, and preparing all required documentation, from income statements to creditor rosters. Because they have done this thousands of times, they can ensure that all paperwork is correct, complete, and on time.
- Protection from Creditor Activity / Creditor Negotiation: Once a petition for bankruptcy has been filed, creditors must stop any collection activities, including wage garnishments, harassment, and foreclosure proceedings. One role of the bankruptcy attorney is to stand between you and your creditors, providing immediate peace of mind and shielding you from further harassment. An attorney will assume all creditor communications during this difficult time – lifting a great deal of stress off your shoulders. In some cases, negotiation with creditors is essential. Your attorney can work to structure repayment plan modifications, help lower your current debts, or even negotiate settlements, potentially saving time and money. Their knowledge ensures that you will move forward in the most advantageous way given your unique situation.
- Representation before the Court: The bankruptcy process sometimes involves attending in-person court hearings and meetings with court-appointed bankruptcy trustees. These court appearances can be intimidating and scary, but your bankruptcy attorney stands by your side – acting as an advocate and representing your case with professionalism and skill. Their experience in bankruptcy law guarantees that your rights are protected.
Role of a Bankruptcy Attorney: In Summary
Bankruptcy is a life-changing process that can be difficult and confusing without the right guidance.
However, it is also a highly effective way to achieve a new financial beginning. A bankruptcy attorney’s role is vital to ensure an efficient and successful process. By taking advantage of their legal skills, you can minimize the stress of bankruptcy and best protect your future financial well-being.
When seeking the right Sarasota bankruptcy attorney for your situation, we invite you to call the offices of Richard V. Ellis. Our decades of experience, track record and commitment to our clients make us one of the most reputable and trustworthy bankruptcy firms in the region. Call today to learn more and set up a consultation. Your road back to financial stability begins here.
