If you are considering filing for bankruptcy, you are not alone. More than 1.5 million people file for one type of bankruptcy or another every year, according to United States bankruptcy court statistics. Many of these are caused by medical debt. About 62% of all bankruptcy filings are for this, according to research done at Harvard University. If you are thinking about filing a bankruptcy claim, there are some good reasons to have a legal representative by your side. Here are some of the reasons that you will be better off if you have a bankruptcy lawyer by your side through the process.
- You will have a better chance to succeed. The success rate for people who file for Chapter 7 bankruptcy with the help of a legal representative is 95%. People who go it alone for this kind of bankruptcy filing only succeed 60% of the time. For Chapter 13 bankruptcy filings, people with a bankruptcy filings have about a 55% chance to succeed. When people do it on their own, that drops to .04%. The numbers tell the story, you will have a much better chance to get the results you want when you have a lawyer.
- Your legal representative can work on an accurate and thorough assessment of your finances. When you approach a bankruptcy lawyer, you will give them access to your financial information. Reputable attorneys will meticulously go through, review and evaluate your full financial situation. They can look at where you are financially to determine what the best options are for you. They are experts in this arena and can help you make the right decisions for you, your family and your future.
- A good bankruptcy lawyer will help you navigate the complicated waters of the process. The rules and regulations that govern the bankruptcy process change on a regular basis. Keeping up with all of these changes and getting totally familiar with what you need to do to be successful with your bankruptcy filing can be a bit much for most people. Your legal representative can make the process go a lot more smoothly.
- Your bankruptcy lawyer can get your paperwork done the right way. When you are dealing with bankruptcy claims, you have a lot of t’s to cross and i’s to dot. Your legal representative can make sure all the details are covered and that you do not file paperwork with errors in it. What can be an innocent mistake can look a lot like fraud and that is not something you want to be charged with as you try to make your situation better.
- The debt calls will stop. There are a lot of people around the country who are afraid to answer the phone or open their mail. This is an unfortunate part of being in debt. As soon as you start the bankruptcy process, your legal representative can put a stop to the harassing phone calls and letters. Your creditors are required, by law, to stop reaching out to you when you signal your intention to file for bankruptcy, that does not mean your creditors will pay attention to that. If they continue to harass you, your bankruptcy lawyer can help put a stop to the problem.
- You will get the advice that you need. Going through bankruptcy is a rough experience. Many people find that they are not in the best position to make important decisions and to work out the best arrangements to deal with their debts and their creditors. A good bankruptcy lawyer can offer you the best advice about how to get through this process and work on your finances to not end up in the same position in the future. They can connect you with the right credit counselors.
Some people put off filing for bankruptcy because they think it is the same thing as admitting defeat but it is often the best thing a person can do to get their financial house in order. If you are considering this as an option to manage your debt and deal with your creditors, talking to a qualified bankruptcy lawyer about your options is the best place to start.