For many people who have amassed a lot of debts there comes a time when they finally realize that there is no way that they can remedy the situation on their own. It is with that realization that they may begin to consider filing bankruptcy in order to gain debt relief. However, it’s never advisable for anyone to go through the bankruptcy process without hiring an attorney before they begin. Here are three important reasons why this is the case:
1. Most people understand that there are different types of petitions. Unfortunately, not everyone knows that there is a qualification process for each. Chapter 7 Bankruptcy petitions require a means test in order to ensure that a person’s income is low enough, while Chapter 13 petitions require an evaluation of income to make sure that there is enough for a repayment plan. A bankruptcy attorney will help people avoid wasting time filing the wrong type of petition for their situation.
2. For those who do not have a solid understanding and bankruptcy rules and laws, it’s very easy to make mistakes both on the application and in the filing process. From missing signatures to failing to submit a viable Chapter 13 repayment plan, any mistake made can result in serious delays and even a denial of the petition. Instead of worrying about the process, it’s best to allow a bankruptcy attorney to help ensure that everything goes smoothly so that debtors have the best chance of obtaining approval.
3. Some Bankruptcy filers may be able to take advantage of special provisions. This includes things like recovering money that was taken away in wage garnishment, taking advantage of lien stripping, or having a mortgage crammed down so that the value matches that of the property. An attorney will not only let debtors know if they are eligible for any of these things, but they’ll help them take advantage of these things in order to maximize the amount of financial relief they get from a bankruptcy.
Being is debt is never a pleasant thing for anyone to experience. Fortunately, the federal government does provide a way out for many citizens facing the insurmountable debt. For those who are thinking about bankruptcy as a possibility, get in touch with the legal professionals at Chicago Debt Solutions to discuss options and get help with developing a viable plan to get back on track. You can follow them on Google+.
