Consumers often procure debt with every intention to repay it fully. Businesses also take out loans and procure goods and services on credit with the intention of settling their accounts. However,things usually do not go as planned all the time. Therefore,both business owners and individual consumers may find themselves with a lot of bad debt they are not able to service accordingly. The end result is usually late payments and missed payments before default. Since there are usually fines and penalties in addition to the interest charged on debts,you may find yourself with a large debt that you are not able to service because the installments you pay cannot even offset the penalties and interest. When paying your debts has become impossible,therefore,you should not hesitate to hire a bankruptcy lawyer to help you seek bankruptcy protections. Keep reading to find out how abankruptcy can help you file bankruptcy.
Hiring a Bankruptcy Lawyer
When looking for a suitable lawyer to help you with the bankruptcy,you have to take a number of factors into consideration. Be sure to check and compare the experiences of the lawyers you find to identify an attorney who has handled hundreds of bankruptcy cases and has been in the industry for many years. The ideal lawyer should charge competitive legal fees and have a great reputation in the industry.
Your lawyer will assess your financial situation and tell you whether or not bankruptcy is the right option. They will also tell you about the benefits and shortcomings of different bankruptcy chapters. In addition to that,your lawyer will help you with the bankruptcy paperwork and file the case in court.
During the proceedings,yourChapter 7 lawyer will represent you in court,in the meeting of creditors as well as any meetings the trustee may ask for. This will help to make the entire process hassle-free.