- Do You Need A Bankruptcy Lawyer
Do you need a bankruptcy lawyer to help you work your way through bankruptcy?
Unfortunately a number of us get into too much debt through taking out more credit than we can afford. While others are facing financial hard ship through being laid off from work and unable to afford to pay the utility bills or car repayments or our home mortgage.
Fortunately it is legal to declare personal bankruptcy and while it should be a last resort, it does offer you legal protection from your creditors.
Due to the permanentness of bankruptcy, it is recommended that you first discuss your financial position with a bankruptcy lawyer. A bankruptcy lawyer can advise you of all you financial options and can also negotiate decreased payment arrangements with your creditors. If your financial position is such that personal bankrupcy is your only option then your bankruptcy lawyer can file the necessary papers.
The benefit of declaring personal bankruptcy is that it does offer you legal protection from your creditors in two distinct and automatic ways. The first automatic layer of protection is termed an Automatic Stay which is put into place once the bankruptcy court clerk receives your bankruptcy petition.
This Automatic Stay means that your creditors are not allowed to contact you by phone or by mail, as well as making sure that they cannot garnish your pay checks. This will give you some peace of mind instead of being constantly harrasses by your creditors. This Automatic Stay lasts the duration of your court case which your bankruptcy lawyer will handle for you.
Debt discharge is the second protetion that comes in if your case is sucessful. the debt discharge means that all of the creditors included by your bankruptcy lawyer in your case will be unable to contact you regarding any monies that you owe them meaning that you now have no legal requirement to repay the money.
What Else Can Your Bankruptcy Lawyer Help You With?
Your bankruptcy lawyer can work through your finances with you and advise what debts that you currently have that you can include in your bankruptcy case. They can also help you to keep your home, retirement savings and your car while clearing out your other debts. Simply put, your bankruptcy lawyer can make the process of filing your bankruptcy papers and helping you to keep the important things such as your home while helping you to legally not have to pay other outstanding debts such as credit cards, personal loans and other smaller debts.