Do I Need a Bankruptcy Attorney?
The pressures of financial hardship may lead to the need to declare bankruptcy.
The word bankruptcy is so fraught with negative images that consumers tend to forget the real purpose behind filing: A) It provides protection from creditors; and B) It offers relief from some, or maybe even all debt obligations.
And that is exactly what a bankruptcy lawyer should do: Protect your assets from debt collectors and find a way to free you from financial responsibilities.
There are two different types of bankruptcy: commercial bankruptcy, which attorneys will help you file for bankruptcy for your business, and consumer bankruptcy, which attorneys will help you file for bankruptcy for yourself or with your spouse.
Commercial bankruptcy lawyers protect your business from creditors when you are going through a bankruptcy filing. They can also help you clear loans and request time to restructure your business. Consumer bankruptcy lawyers protect you and your partner when going through bankruptcy filing by dealing with creditors, clearing debt, and setting up payment plans.
The signs that you may need to consult with a consumer or commercial bankruptcy lawyer are mainly the same:
- Unable to pay your bills;
- Constant calls from creditors and debt collectors;
- Unsure how to approach debt piling up;
- Bounced checks;
- No cash flow;
- Need representation in court.
Depending on the type of bankruptcy you file, your debt will either be lowered, erased, or reorganized so that you pay when you’re able to. Creditors would rather get a lower amount of money than none, so they are willing to discount the amount you owe them. If you’re filing for consumer bankruptcy, you may lose some assets and if you’re filing for commercial bankruptcy, you may lose your business.
Bankruptcy is a process and the safest route is to have an attorney guide you through the process if you want to be succeed. WE CAN HELP YOU!