Did you know that the total number of bankruptcy filings that have been submitted up to this point in 2024 has reached 145,230 across all chapters? Medical expenses directly cause 66.5% of bankruptcies, making them the leading cause of bankruptcy in the United States.
According to Fort Worth bankruptcy attorney Lindsay Steele, filing for bankruptcy is a serious decision to make. By definition, bankruptcy is a legal process that provides assistance to individuals who are unable to meet their financial obligations. Declaring bankruptcy can provide relief from foreclosure and legal actions, as well as put an end to creditor harassment.
While it provides debt relief, it is worth mentioning that filing for bankruptcy will not magically solve all of your financial problems. This is the main reason why you should hire a bankruptcy lawyer. You will be able to begin anew after filing bankruptcy.
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Here are the other benefits of hiring a bankruptcy lawyer:
Legal Expertise and Guidance
By hiring a bankruptcy lawyer, you gain access to their in-depth knowledge of bankruptcy laws and procedures. They can analyze your financial situation, assess your debts, and recommend the best course of action based on your unique circumstances. For instance, you are afraid that the debt relief option you take will hurt your credit score. Your lawyer can help you understand the difference between debt consolidation, debt management and bankruptcy. This personalized approach is invaluable in helping you make informed decisions that will set you on the path to financial recovery.
A bankruptcy lawyer can also negotiate with creditors on your behalf, and handle all the paperwork involved in the bankruptcy process. Their expertise and guidance will alleviate much of the stress and uncertainty associated with filing for bankruptcy, allowing you to focus on rebuilding your financial future.
Asset Protection
When facing financial difficulties, protecting your assets becomes a top priority. A skilled bankruptcy lawyer can assist you in checking your options such as exemptions and restructuring to shield your property from creditors during bankruptcy proceedings.
One of the most important aspects of asset protection is understanding the different bankruptcy chapters and how they affect your belongings. A bankruptcy attorney can evaluate your situation and recommend the best course of action to minimize the impact on your assets. By leveraging their expertise, you can understand bankruptcy laws and regulations to safeguard what matters most.
A bankruptcy lawyer can help you develop a comprehensive asset protection strategy tailored to your unique circumstances, giving you the confidence to face the bankruptcy process with clarity and assurance.
Handle Complex Procedures
To effectively handle the procedures involved in bankruptcy, rely on the expertise of a seasoned bankruptcy lawyer. As mentioned, a bankruptcy lawyer can assist you in understanding the different types of bankruptcy, such as Chapter 7 and Chapter 13, and help determine which one is best suited for your situation. They’ll guide you through the process of filling out extensive paperwork, meeting deadlines, and representing you in court hearings if necessary.
Achieve Best Possible Outcome
Dealing with bankruptcy laws and procedures can be overwhelming but with the guidance of a knowledgeable bankruptcy lawyer, you can significantly increase your chances of achieving the best possible outcome for your financial situation.
Conclusion
If you’re facing overwhelming debt and considering bankruptcy, hiring a bankruptcy lawyer is a smart move. By trusting a professional to handle your case, you can achieve the best possible outcome and move towards a fresh financial start. Don’t go through this challenging process alone – a bankruptcy lawyer is there to help you every step of the way.