Reasons to Hire an Attorney to Help with a Bankruptcy
Bankruptcy is considered a legal status that both businesses and individuals can file for. Companies and individual debtors can decide to file for bankruptcy when they can’t repay their debts. The most common types of bankruptcy include Chapter 7 and Chapter 13.
Some people may think they can handle the bankruptcy process on their own. While there is no legal requirement to have an attorney, there are several reasons to hire one. Learn why hiring Bankruptcy Attorneys is a good idea here.
Prior Work in This Field
Hiring Bankruptcy attorneys is a smart choice due to the complexity of bankruptcy law. While it is a possibility for some debtors to file for bankruptcy without any help, the proceedings require an understanding of both federal and state law.
Also, bankruptcy cases require detailed documentation and extensive paperwork including all of a debtor’s assets and liabilities. Because an attorney fully understands the rules of filing for bankruptcy, they can help the process move along smoothly.
The bankruptcy process requires a debtor to communicate with the creditors they have to negotiate settlements along with the specifics of the court proceedings. There are some bankruptcy filers who may not feel comfortable making thee calls or they may be unsure if they are providing the right information to the proper parties.
When a bankruptcy lawyer is hired, they will handle these communications while providing representation for a debtor in court proceedings along with meetings. Also, while most people file for bankruptcy with a lawyer, it is required by law to hire an attorney for corporations and partnerships.
Lawyers have malpractice insurance. This means that if an attorney makes any type of mistake on the bankruptcy case, the filer may be able to receive compensation for their losses. This type of protection isn’t offered by filers who handle the process alone.
This means that hiring an attorney can provide a filer with additional peace of mind. This is true regardless of if it is an individual or company.
Finding the Right Attorney
When a person decides that they want to hire an attorney to help with their bankruptcy case they need to make sure they find the right person for the job. This is something that is going to take both time and effort.
Being informed is the best way to ensure the proper attorney is hired. Keep this in mind when filing for bankruptcy.