To get your financial life on track, you’ll need PA’s best bankruptcy lawyer on your case. Filing for bankruptcy can be legally complex. Although the process takes a few months, it takes an experienced attorney to get the desired result from proceedings.
How Can a Lawyer Help Me?
To successfully file for bankruptcy, you need competent advice from a legal professional. From submitting the right paperwork to attending meetings with creditors, a PA bankruptcy lawyer can provide valuable guidance and assistance throughout the process. If your financial struggles were caused by a workplace or construction site accident contact a reputable personal injury lawyer.
Bankruptcy is not for everyone, and it is the job of a lawyer to help you determine if it is the right solution for you.
Should you opt for bankruptcy, a PA bankruptcy lawyer can take you through the pros and cons of the process. You can learn how to take advantage of opportunities, how to assess the weaknesses of your case, and create a strategy that will make proceedings easier.
Each case has its own unique financial goals and circumstances. It is therefore important to find the right legal process for your specific needs. An attorney can assist in determining whether you qualify for a chapter 7 or 13 bankruptcy, and answer any question you may have.
Handling the Process
Chapter 7 and chapter 13 bankruptcy are two of the most common types you can file for. However, the individual details of your case will determine the type most appropriate. Please bear in mind that there is also chapter 11, 12 and other modifications of the bankruptcy process.
Chapter 7 Bankruptcy
Chapter 7 entails liquidating certain assets to pay your debt. It is a good option if you do not have enough income to settle debt with creditors. This type of bankruptcy is usually preferred because it may erase some unsecured debt.
The downside of chapter 7 bankruptcy is that you may have to give up a large portion of your assets. It is not uncommon for people to sell their homes, vehicles and other valuable possessions to appease creditors. The process is relatively short, lasting three to six months.
Chapter 13 Bankruptcy
With chapter 13, the primary goal is to reorganize your finances in order to pay back creditors. This is why it is often referred to as “reorganization”. Qualifying candidates need to have a steady source of income and are allowed to settle debt over three to five years.
The benefit of this type of bankruptcy is that you are allowed to hold on to property. As long as an individual files for bankruptcy in time and adheres to a repayment plan, creditors cannot repossess it.
However, chapter 13 bankruptcy entails relinquishing control of your finances to assigned trustees. The agency will formulate a repayment plan that states how your funds will be distributed to creditors. Some debts are given priority over others and demand payment as soon as the plan comes into effect.
Choosing the best way is not as easy a decision as it seems. Even after weighing advantages and disadvantages, making a decision can still be challenging. A PA bankruptcy lawyer can simplify it for you.
Bankruptcy proceedings are infamous for lengthy forms and paperwork. The court requires a lot of information regarding your income, assets, living expenses, secured and unsecured debts, and so much more.
Although it is possible to fill out the forms yourself, it requires time and effort you might not have. For experienced lawyers, sorting the paperwork is all in a day’s work. They can help you fill out forms accurately and submit the correct documents.
The court and involved institutions have very strict deadlines. Documents need to be filed in time and any additional information requested needs to be submitted quickly. If you not familiar with the process, it is easy to make mistakes.
One of the biggest advantages of hiring a PA bankruptcy lawyer is having a knowledgeable person on your team. Attorneys know all the rules that govern procedures in your local area. From arranging debt counseling to filing documents, they can help you meet obligations in a timely manner.
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A lawyer with good credentials and experience is invaluable. Take time to look into testimonials and any available reviews from former clients to assess their reputation.
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Representation in court
Great lawyers represent you in court, a valuable service even for clients with legal experience.
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Attorneys can also attend meetings with you or on your behalf. Creditors and the trustee may request additional hearings to address arising issues.
You can finally get relief from creditors when you hire a bankruptcy lawyer. Collection agencies are still permitted to contact you. However, it is within your right to redirect their questions to your attorney.