For many people, filing for bankruptcy is a process filled with mixed emotions. While you may be disappointed in the way that your financial situation has turned out, you may also be relieved that you’ve found a solution to your debt repayment issues. However, merely making the decision to file is just the beginning. Without proper guidance throughout the entire legal process, you may find yourself overwhelmed. If you’re thinking about filing a bankruptcy petition without consulting a legal expert, consider these three reasons why you may want to reconsider that idea:
1. Different types of bankruptcy petitions have different eligibility rules. Filing for Chapter 7 bankruptcy requires that you pass a means test in order to make sure that your income is low enough, while a Chapter 13 case requires that you prove your ability to repay your debts under your new payment plan. Consulting with the Best Bankruptcy Lawyer ensures that you don’t waste time and money filing for a type of bankruptcy that you don’t qualify for.
2. A good bankruptcy attorney will be able to give you sound advice about what you can expect from the legal process. It’s highly likely that you will have personal questions about which of your debts will be discharged or whether or not you’ll get to keep your car, and your bankruptcy lawyer will be able to give you an in-depth answer to each of them.
3. Your bankruptcy lawyer will be able to help you understand how the bankruptcy process will affect your finances and what you need to do to create a better future. If you’re interested in rebuilding your credit or obtaining a home or car loan at some point in the future, a bankruptcy attorney can show you what you can expect to experience moving forward.
When it comes to filing for bankruptcy, it pays to have the experience of the Best Bankruptcy Lawyer at your disposal. Not only do you have a much better chance of getting the outcome you want, but you’ll also get a full understanding of important financial principles that you can use to get a better handle on your finances. If you’re thinking about submitting a bankruptcy petition, get in touch with the professionals at Ledford and Wu to find out how you can work together to improve your financial outlook and get your life back on track. You can find more information at Ledfordwu.com.