If you are not making enough money to cover your debt every month, you should consider filing for bankruptcy. The process can be challenging and stressful so you will need someone who can guide you through it without getting overwhelmed. An experienced bankruptcy attorney can work wonders. Here are just some reasons why hiring one will be in your best interests:
They Can Help You Plan Out Your Filing
Believe it or not, even if you think you need to, you may not need to file for bankruptcy at all. However, only an experienced attorney can let you know this for sure after examining your finances. If it is not in your best interest, your attorney may also find appropriate alternatives.
If you have no choice but to file, your attorney can tell whether you should file for Chapter 7 or 13, depending on your circumstances. If your attorney urges you to go for the former, you can wipe out a lot of debt quickly – but only if your mortgage is paid completely.
Chapter 7 doesn’t protect homes that have not been paid off. If you file for Chapter 13, you can adjust some of your debt provided you earn a regular income.
Your attorney will consider your financial situation as well as your needs before determining which one you should go for. This includes ensuring ALL your debt is included in the filing. Those that are not, will not be taken care of. You will have to pay them off – even after filing.
They Can Increase Your Chances Of Acceptance
You can increase your chances of getting your filing accepted if you have an attorney do it for you. The process requires a lot of complex paperwork and language that you may be unfamiliar with. Since bankruptcy attorneys have extensive experience analyzing relevant bank statements and other financial documents, nothing gets past them.
If not, your paperwork may contain costly errors or lack of critical information and your bankruptcy filing may be denied. A bankruptcy attorney will do all the filing for you, while making sure nothing is left out and the filing is free of errors. This will significantly increase your odds of acceptance.
If you are looking for an experienced bankruptcy attorney in Elgin, Illinois, look no further than the Jackson Abdalla Law Group. We can provide you with the best advice to ensure you get positive results.