Do You Need A Bankruptcy Attorney? Find Out Below

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financing options after bankruptcy

Some people think that after you file for bankruptcy that they won't be able to qualify for any sort of credit for many years. Is this true? Would it be possible to purchase a car with an auto loan or get a mortgage for a house? I put together this blog to provide others with the information that I have worked hard to find. As I started the bankruptcy process, I was very worried about what it meant for my financial future. Fortunately, I have recovered and have learned a lot along the way. Hopefully, this information will prove helpful for you.


Do You Need A Bankruptcy Attorney? Find Out Below

28 June 2022
 Categories: , Blog

Many potential bankruptcy filers consider filing a case without speaking to a lawyer. The forms for doing so are often available online or in a workbook, so how hard could it be? As many filers later find out, it can be very difficult to deal with something as complex as a bankruptcy filing without legal help. Bankruptcy attorneys can provide many benefits for you.

What Can They Do for Me? 

It might be difficult to see how an attorney could help you with your bankruptcy case. After all, most filers don't have a lot of money to spend because of their financial troubles. However, filers don't often anticipate problems with their case because they are unaware of what could go wrong. For example, would you know what to do if a trustee asked you to appear in court to explain why you gave away an expensive item a few months before you filed for chapter 7? Probably not and that is one of many problems that could pop up for filers.

Which Type of Bankruptcy?

Most consumers filer chapter 7 but chapter 13 is also popular. This is when a lawyer comes in handy because they look at your unique financial situation and explain why one or the other form of bankruptcy would be best for you. One type could save you from losing property, for instance, and one type might be the only option if you make a certain amount of money.

Submit the Correct Paperwork

Bankruptcy paperwork is more of a paperwork bundle than anything else. Several important documents make up the bundle and all of them must be 100% accurate and correct. In most cases, the bankruptcy lawyer prepares the papers for you after you provide them with your financial information. Naturally, someone who submits bankruptcy paperwork day after day probably knows what they are doing. If you don't know what you are doing, however, you might end up losing your money on the filing fee. The court could reject your bankruptcy filing for several reasons and then you must start all over again.

Dealing With Creditors

Despite what some filers might think, not all creditors agree with being listed on the debt matrix. Creditors will scrutinize your account and they could file an objection. For instance, when you filled out your credit card application, did you estimate your income correctly? If you did not, they can object to a discharge based on you supplying incorrect information. A bankruptcy lawyer knows how to deal with this issue and can lead you through the process and the hearing.

Speak to a bankruptcy lawyer to find out more.