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.
I loved how you mentioned that a lawyer will be able to help you with building a strong case. My cousin was telling me last night about how she needs to file for bankruptcy to help with saving her home, and that she was wondering if she needed to hire a lawyer. I’ll make sure to pass this information along to her so that she can know the benefits of hiring a bankruptcy attorney.
In my opinion, people who can no longer pay for their debts must hire an experienced bankruptcy lawyer that may help them out. Aside from this, you are also right that it will be wiser to compare the law fees first. Thank you for sharing the importance of opting for an experienced attorney too since this could be a complex case.
It’s great that you talked about how a bankruptcy lawyer could help their clients build a strong case when the issue is presented before a judge. I was watching the news on the TV last night and I saw a special feature about bankruptcy cases. It seems being bankrupt puts people in a pretty tight spot so you’ll need to hire a lawyer to help you out.