Are you currently dealing with a large amount of debt and are considering filing for bankruptcy? If so, you may find yourself struggling with the decision of whether or not to hire a bankruptcy attorney to represent you in this matter. Before you make your final decision, you should know that bankruptcy lawyers do much more than simply file your paperwork with the court and represent you at any court appearances. In fact, the wide range of services that you can expect your bankruptcy attorney to perform will certainly make retaining legal counsel well worth the investment. You can learn more about many of these services below.
Reviewing Your Debt Relief Options
While bankruptcy is one of the most well-known debt relief options for people facing large amounts of debt, the fact is that this is just one of many available options. In some cases, filing for bankruptcy will not be in your best interest. For example, if much of your debt is secured debt, such as a mortgage or car loan, filing for bankruptcy may not supply the debt relief you require. That is why the first step most bankruptcy attorneys will take is to review all of your debt relief options and help you to choose the option that is truly in your best interest.
Collecting Information Regarding Debts And Assets
It is vital that you supply the court with accurate information regarding all of your debts and assets. Not only will this ensure that your bankruptcy case is not dismissed due to inaccurate information, but it will also ensure that as much of your debt as possible is ultimately discharged. The problem is that debts are often sold over the years. Consequently, locating the current creditor can sometimes prove difficult. In some cases, individuals will also overlook assets that need to be reported. That is why a bankruptcy attorney will work closely with you to gather information regarding all of your debts and assets before your bankruptcy petition is filed with the court.
Assistance In Protecting Your Assets
Each state has its own set of asset protection laws that apply to individuals who are filing for bankruptcy. In addition to these state laws, there is also a set of federal laws governing asset protection during bankruptcy. In most cases, individuals will be able to choose between the application of state laws or federal laws. Figuring out which set of laws benefits you most will require legal expertise which the average person does not have. A bankruptcy attorney on the other hand will have the experience necessary to help you protect as many of your assets as possible.