Top 6 Reasons Why People Regret Not Hiring a Bankruptcy Lawyer

Bankruptcy cases have been gradually increasing in the last four decades. In 2015, these cases reached a record high – two million bankruptcy cases were filed that year. The main reason why people file for bankruptcy is a sudden slump in their financial situation which causes them to not be able to fulfill their financial obligations. In most cases, people who go bankrupt spend their money recklessly without giving much thought into the future. Some unexpected happenings – such as escalated medical bills and sudden job loss – could also force individuals into filing for bankruptcy.

If your financial muscle is getting weaker, you can hire a bankruptcy lawyer in Philadelphia, PA. This way, you’ll be guaranteed of winning the case in court.
Here are the top 6 reasons why people regret not hiring a bankruptcy lawyer:

Lawyers help to build a strong case

For any bankruptcy case to hold water in a court of law, you need to be represented by an experienced bankruptcy lawyer. Such an attorney will understand how to handle your case, seeing as he/she has represented clients with similar issues in court. Bankruptcy lawyers can help you build a strong case when the issue is presented before a judge.

Bankruptcy cases are quite sensitive

Some accomplished attorneys compare bankruptcy cases to brain surgeries – they require a high level of precision. Without a bankruptcy lawyer to guide you, it’s easy to file incorrectly. Wrong filing could inevitably cause your case to get thrown out, making you ineligible for filing bankruptcy later on. This risk just isn’t worth it.

Wrong listing of assets could cost you

When filing for bankruptcy, you’re obliged to list your different assets in a bankruptcy petition. A professional bankruptcy lawyer can help you list all your current assets correctly. He/she will also provide sufficient guidance when you’re choosing the assets you’d like to keep, as well as those you want disposed. An inaccurate listing of assets could invalidate your bankruptcy discharge plea and cause an unprecedented loss of assets (these include your house and vehicles).

Fraudsters end up in jail

It’s not uncommon to spend years behind bars because of defrauding people implicated in a bankruptcy case. Bankruptcy lawyers understand the laws and regulations stipulated in chapter 7. They will happily guide you throughout the entire process and advise you on the most appropriate time to file your bankruptcy petition. In addition, they’ll use the most appropriate courtroom lingo to win your bankruptcy case.

Hiring an attorney is worthwhile

Some people shy away from the cost implications of hiring a competent lawyer. To others, engaging a bankruptcy attorney simply doesn’t make sense – they’re already too broke to afford a lawyer. However, hiring legal representation isn’t as expensive as most people think. Simply look for an attorney who’ll charge you affordably. You can bargain the terms of payment to suit your liking.

Constant harassment from creditors

We’ve all experienced unpleasant phone calls from creditors reminding us to pay back some existing loan. However, it’s a huge offence for creditors to harass you when you’ve already hired a bankruptcy lawyer.

For these reasons, you should hire a bankruptcy lawyer when you’re caught between a rock and a hard place.

FG Editorial Team
The Founder's Guide Team - Asian Associates with dynamic elements out to make a change.Thank you for visiting our site! If you do have any questions or inquiry, feel free to contact us through our links and please don't forget to follow our social media accounts. It would be our pleasure to help you in any way we can. Always Remember: "Proceed to Succeed". Hoping to hear from you soon!

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