5 Ways A Bankruptcy Attorney Can Help You Reorganize Your Financial Situation
If you're struggling with debt, you may feel like you'll never get out from under it. This situation may even be worse if you're considering bankruptcy. You may feel overwhelmed and not know where to turn. Luckily, a bankruptcy lawyer can help you navigate the process so that you can make the best decision. Here are five ways they'll help you reorganize your financial situation:
Selecting a Bankruptcy Option
There are two main types of consumer bankruptcies, namely, Chapter 7 and Chapter 13. Chapter 7 allows you to discharge most of your debts, while Chapter 13 requires you to repay a portion of your debt through a repayment plan. You may be unable to differentiate between the two. However, a lawyer can help you understand the difference between these two options and assist you in selecting one that makes the most sense for your unique circumstances. They'll analyze your debts, assets, income, and budget to help you make the best decision for your financial future.
Gathering the Required Documents
Whether you're filing for Chapter 7 or Chapter 13 bankruptcy, there are a number of documents you'll require. These include your most recent tax return, pay stubs, bank statements, and a list of your creditors. A bankruptcy lawyer will ensure you have all the required documents so your case can proceed smoothly.
Explaining the Bankruptcy Process
The bankruptcy process can be confusing and overwhelming. It involves a lot of paperwork and stringent deadlines. This is where a bankruptcy attorney can be handy. They will guide you through the process step-by-step so that you know what to expect. This will reduce the anxiety that you may be feeling about the process.
Creating a Budget
One critical task you need to do before completing your bankruptcy case is to create a budget that you can stick to. An attorney can help you create a budget that considers your income and expenses so that you can make your required payments and get out of debt.
Negotiating With Creditors
If you're struggling to repay your debts, you can negotiate with your creditors to get a lower interest rate or payment plan that works better for you. A bankruptcy attorney can deal with creditors and develop a plan that will work for you.
If you're considering bankruptcy, a lawyer can be a valuable resource. They'll guide you through the process and help you understand your options. Contact a bankruptcy attorney today if you want to get out of debt and take control of your finances.