If you're in need of a financial lifejacket, filing for relief may be your best choice. While it should certainly be saved for a last resort, it can in many instances be the one thing that can set you free of debt and allow you a fresh slate to start anew. To move forward with filing, you'll need a good Chapter 13 bankruptcy lawyer to handle the proceedings. While you don't legally require an attorney, it is folly to proceed without one. You want to get this right the first time, and you may need advice when it comes to deciphering your options.
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Keeping Your Assets
When you file for the Chapter 7 version of insolvency relief, you are essentially using your assets to pay off those parts of the debt they can cover. While there are certain assets that will be exempt from the courts, you can count on losing many of your prized possessions in an attempt to make good with your creditors. As an alternative, you can hire a Chapter 13 bankruptcy lawyer and go that route instead. This will allow you to hold on to your assets and instead use some portion of your future income to make things right with your creditors. This is a much better choice for those individuals who can expect to have greater income in the future.
Better for Creditors
A Chapter 13 bankruptcy lawyer will have plenty of clients, since the courts prefer to have insolvent individuals go through that form of filing rather than Chapter 7. The reason for this is that most creditors will see more of their debt paid back under the rules of 13. Of course, there are restrictions in place. The court will take a look at your income levels, your assets, and other factors when it comes to determining whether you are eligible to file. If you go it alone, it could take months to learn whether or not you are qualified. By hiring an attorney, you can get the answer much more quickly and plan for your future accordingly.
No More Harassment
Is your boss getting tired of hearing you on the phone with creditors? Are they calling you at work, home, and in between? No one should have to deal with this kind of harassment, but merely filing for relief may not be enough to get them off your back. If you hire a good Chapter 13 bankruptcy lawyer, however, you may be able to bring an end to the harassment in short order. This will give you the peace of mind you need to contemplate your options moving forward.
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