Filing any type of bankruptcy is a frightening experience, and you can’t do it on your own. The expertise required to successfully file a bankruptcy claim that will benefit you is simply unattainable without the proper education and experience.
A bankruptcy lawyer can give you the peace of mind in knowing your case is in the hands of a knowledgeable person who has your best interests at heart. Between understanding what chapter to file and ultimately being triumphant in the court room, you simply cannot go about this alone. Here are three great reasons to find a great bankruptcy lawyer:
Get the most out of your filing. A bankruptcy lawyer is well-versed in the specifics of Chapter 7 bankruptcy, the most common form of bankruptcy. The average Chapter 7 cases can cost anywhere from $1,500 to $3,000, and you can’t afford to waste your money considering the financial straits you already find yourself in. A great bankruptcy lawyer knows this, and will attempt to salvage as much of your exempt property as possible to optimize your outcome in court.
High rate of success. A bankruptcy attorney could be the difference between utter failure in the courtroom and financial freedom. With an attorney, the success rate for Chapter 7 bankruptcy claims is a whopping 95%. Your odds of successfully filing bankruptcy drastically reduce if you try to undertake this massive task on your own. Just like you would call a plumber to fix your leaky pipes, you need to call a bankruptcy lawyer to fix your finances.
Personal vs. business. One of the first things you have to do before even officially filing for bankruptcy is figuring out which chapter is right for you. In the case of personal bankruptcy, you can choose between Chapter 7 and Chapter 13, each of which are different in their own ways. You may be surprised to know that bankruptcies in businesses are way down, from 13% in 1980 to just 3% today. If your business does need to file bankruptcy, you will want to file Chapter 11 to avoid liquidation and remain in business. A bankruptcy lawyer will examine your specific case and determine the option that is best for you.