Bankruptcy Lawyers and Attorneys – How They Can Help When You Have Financial Problems
How do you know when is the right time to consult a bankruptcy lawyer? You may be facing financial troubles and feel that bankruptcy filing is the best possible solution under the circumstances. But, filing it on your own may entail a lot of hard work and the chances of making mistakes are very high. Hiring a professional to do this for you can be a wise decision.
You should look for experienced bankruptcy lawyers in Northern Virginia when you are a resident of this state. Without a reputed Northern Virginia bankruptcy lawyer to give you financial advice you may face many challenges when doing the paperwork. The process can be quite complicated and even a simple case will need you to fill out lengthy forms.
How can bankruptcy lawyers help you?
Bankruptcy lawyers can be of two kinds, namely commercial and consumer bankruptcy lawyers. The first kind will guide you to file for business bankruptcy and the second kind will help you file for individual bankruptcy. Commercial bankruptcy attorneys can protect the businesses from creditors during this process; they can help you pay off loans and ensure that you get time to reorganize the business.
- The biggest advantage of hiring a capable bankruptcy lawyer is that he will ensure you clearly understand your options so that you can file for the right type of bankruptcy. For instance, both Chapters 7 and 13 can offer protection from creditors, but the right choice will depend on the uniqueness of your situation.
- Another good reason to look for an experienced bankruptcy attorney is that he will ensure you comply with all requirements for bankruptcy. This is because such cases may easily get dismissed if the criteria are not met. For instance, you will need to pay court fees when you fill out the forms, obey court orders, or even make payments on time to ensure that the case goes through.
- Any experienced lawyer will make sure that your property is protected and you do not have to undergo unprecedented losses. In case you are supposed to receive money, this should be enlisted under property in the paperwork. Else, you stand to lose money from proceeds of lawsuits, tax refunds, inherited money, bonuses, or sales commissions.
- Your bankruptcy lawyer will also show you the best ways to handle credit card debts and payday loans. He will tell you how this condition can affect your credit ratings and advise you on ways to restore the ratings at the earliest.
- The attorney you hire will also help you find ways for preventing foreclosure and repossession to enable you to maintain your home and cars. In case you are going through divorce settlements, he will show you how best to handle the debts so as to minimize the effects on children and inheritances.
- Finally, your attorney will tell you how to discharge debts and show you the ways to handle whatever remains as debt. He will also guide in settling the existing debts and teach you ways to avoid such situations in the future by showing you the importance of making a budget, cutting down on expenses wherever possible, and prioritizing expenses.
When you find a reputed bankruptcy law firm, you will see that most of the attorneys are open for a free consultation.