Going bankrupt is never going to be a pleasant experience, is it? But what you do after declaring yourself bankrupt is incredibly important and that is why bankruptcy attorneys can be so beneficial. With a bankruptcy lawyer assisting you there is a much higher chance that you will be able to get out of debt and stay out!
Getting in debt, especially debts that are so high that you need to declare bankruptcy, can be a slippery slope. Many people who have gone bankrupt will go bankrupt again later on in life so clearing your debts isn’t the only issue you need to fix. Let’s take a more detailed look at how a bankruptcy lawyer can help.
A Guide Through Troubled Waters
Getting into debt that causes you to go bankrupt is rarely going to be because of one specific issue. It will commonly be because of multiple debts that have spiraled out of control in many cases there might be one main cause that then causes you to fall behind on others expenses.
However, many people will not know what to prioritise this is understandable if you are juggling multiple debts knowing which to focus on isn’t always straightforward. It might make sense to focus on the larger debts first and try to get them paid off but clearing smaller debts first also makes sense doesn’t it?
A bankruptcy attorney in Ontario CA will review your debts and financial history to help you get a plan in place so you can clear your debts more effectively. If you can’t find a way to effectively pay off your debts then calling a bankruptcy lawyer is also advisable.
Basically, if you find yourself struggling to get to grips with your situation and don’t know what to do next then get in touch with a bankruptcy lawyer. Dealing with debt is very stressful especially when you have gone bankrupt so getting a bankruptcy lawyer will help guide you through the next steps of the process. So eventually, you can get your debts cleared and keep them clear.
They Can Help You Deal With Debt Collectors
Debt collectors are a natural part of going bankrupt in the vast majority of cases sooner or later you will get a call from a debt collection agency possibly even multiple different ones. Bankruptcy lawyers can help aid you in dealing with debt collectors. There are strict guidelines in place about how debt collectors can behave and act but many people have experienced issues with collectors.
These issues range from feeling harassed and threatened to unlawful repossessions. A bankruptcy lawyer is very helpful when it comes to working with debt collectors so they’ll be able to clearly outline what your rights are and talk to debt collectors on your behalf.
If any debt collectors are using unlawful tactics or harassing you then a bankruptcy lawyer will help ensure issues like this stop. It will also undoubtedly strengthen your negotiating position with collectors/ creditors.
Lower Repayments
One of the biggest benefits of working with a bankruptcy lawyer is that they may be able to help you lower your monthly repayments. If your debts are so high that it seems unlikely you will be able to repay them in a reasonable amount of time then it might be possible to arrange lower monthly repayments.
A bankruptcy lawyer can help you negotiate this with any creditors so they agree to lower monthly repayments. This might not always be possible but with a bankruptcy lawyer assisting you it as much more chance of being successful.
Prevent Lawsuits
A bankruptcy lawyer can be a great help when it comes to preventing lawsuits from creditors. If a creditor is threatening you with a lawsuit then a having a bankruptcy lawyer talk with them on your behalf can help prevent them taking legal action.
By utilising the services of a bankruptcy lawyer it will show your creditors that you have a better grasp of the situation and are actively working to find a solution. A bankruptcy lawyer will also be an experienced negotiator and better able to work out a plan for repayment that both parties can adhere to.
Is It Worth The Cost?
Now that you know some of the main ways a bankruptcy lawyer can help you get out of debt the final question you need to answer is whether they are worth the extra expense. Hiring a bankruptcy lawyer when you are in debt might sound like a bad idea but the extra expense does come with some great benefits. In most cases, it is a short term extra-expense that will help a lot in the long term.
