When a person becomes overburdened with debt and cannot seem to get out no matter how many payments he or she makes a month, bankruptcy usually becomes the best option to clear the financial slate and start over. However, many people assume that because they are in dire financial straits to begin with, hiring a bankruptcy attorney is an unnecessary expense. Nothing could be further from the truth!
There are many different types of bankruptcy, and not each type is suitable for everyone’s individual situation. You may not know whether filing chapter 7, chapter 11 or chapter 13 bankruptcy is best for you without sound legal advice. Choosing the wrong type of bankruptcy can leave you with debt payments higher than you can afford, or the loss of all your valuable assets.
Bankruptcy forms must be completed accurately in order to file, and these forms are quite complex. Any errors could result in not being eligible to file for the type of bankruptcy that would be most favorable for you, or it could cause your assets to be considered non-exempt by the court and eligible for liquidation to offset your debts. A skilled bankruptcy attorney can assist you in the forms process to ensure that your paperwork is completely error free.