Why You Should File for Bankruptcy Only Under the Guidance of an Expert Bankruptcy Attorney
If you have reached a situation where there is no option but to file for bankruptcy, you can go ahead and complete the process without a lawyer. You are allowed to do that. However, most people do not exercise this option, although they are low on finances and will have to shell out considerable sums towards legal fees.
Many experts say filing for bankruptcy without an attorney’s guidance is a bad idea and can put you in trouble. Bankruptcy filing is a long-drawn and complex process that involves multiple documentation. You must also comply with the various stages of the process strictly according to the law. Just one slip can result in disqualification and deny you the chance of financial rehabilitation.
The Key Benefits of Using the Services of a Bankruptcy Attorney
That’s why you need the support and guidance of the best bankruptcy attorney, MD. The biggest advantage of hiring the best is that they will recognize any hiccups or flaws in the filing process quickly and will help you make the necessary amendments. There are many other vital benefits of hiring an expert to oversee the bankruptcy filing process.
When you choose the service of one of the leading Maryland bankruptcy attorneys for your bankruptcy filing needs, you will not have to do the heavy lifting aspects of the process. Your lawyer will help you decide the type of bankruptcy to file. Each chapter of bankruptcy helps accomplish a different purpose.
The best bankruptcy attorney MD will explain the salient features of Chapter 7 and Chapter 13 and point out the reasons why you should file under a specific chapter based on your situation and circumstances.
The Areas In Which Your Lawyer Can Help You
When your lawyer finally decides on the Chapter that’s right for you, the next step is preparing for bankruptcy. There are several stages involved, such as applying the means test and putting value to your assets. The means test is a proven way of deciding whether you qualify for a Chapter 7 bankruptcy or whether you can make regular payments as demanded by the Chapter 13 option.
Your bankruptcy lawyer will also explain the state exemption system and how it can be leveraged to keep your vital assets in bankruptcy. Each state has its own exemption system. By hiring one of the leading local Maryland bankruptcy attorneys, you will understand the exemption system followed by your state better and how to apply it to protect your assets in the best possible manner.
Your attorney will also help you understand the discharge of debts situation. Some debts don’t get wiped out automatically in bankruptcy while others get discharged only if specific terms and conditions are met. An experienced bankruptcy lawyer will be able to explain the debts that will get eliminated and the ones that will remain even after the case. It will help you plan for your life after bankruptcy in a better way.
The best bankruptcy attorney MD will not only guide you through the bankruptcy case but will also help you plan for the future.