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Financial difficulties can cause a person to feel hopeless and overwhelmed. While there are numerous ways to approach debt, if you have an abundance of debt and the inability to pay it off, you may consider bankruptcy. Bankruptcy lawyers in Memphis, TN, help people in difficult financial situations every day. Here are 5 ways a bankruptcy lawyer may be able to help you today. Guide You in Making an Informed Decision Bankruptcy may seem like your only option when you’re drowning in debt. However, it’s not always the only solution. In some cases, federal debt relief can actually make your situation worse. Bankruptcy lawyers have experience dealing with all kinds of financial situations and know which debts can be discharged by bankruptcy. They also know which situations are better served by working out a reasonable payment plan with creditors. Consulting with a bankruptcy lawyer will allow you the opportunity to explore all options available to you. Assist You with Selecting the Right Type of Bankruptcy to File For most people, there are two bankruptcy options, Chapter 7 and Chapter 13. Which one you file depends entirely on your individual financial situation and what goals are for the immediate future. Chapter 7 is a type of federal relief that absolves the debtor of all of his or her financial obligations (those which fall under the parameters of federal debt relief restrictions). While this may sound like the ideal solution, filing Chapter 7 bankruptcy may require you to surrender all your assets to the court. This includes things like vehicles, savings accounts, retirement funds, etc. Chapter 13 is a repayment plan and is a better choice for individuals with a lot of assets and property that they don't want to part with. A qualified attorney will be able to help you choose the best kind of debt relief that meets your situation. Stay on Track with Your Case Bankruptcy procedures require a lot of paperwork. Handling all this paperwork can get out of hand at times. If you miss a filing deadline or submit paperwork that is filled out incorrectly, your case could be in jeopardy. Bankruptcy attorneys and their legal team know the process inside and out. Their expertise is invaluable to your case and should never be discounted. Keep You Moving in the Right Direction Although it doesn’t happen all the time, there are situations where a person may think they are filing paperwork according to law but are actually misrepresenting their situation. If this happens to you, you could face substantial fees or even prison time. A lawyer will make sure that everything you submit is done according to legal requirements and keep you from accidentally making false or fraudulent statements that could land you in deep legal trouble. Negotiate with Your Creditors You don’t have to file for bankruptcy to take advantage of a bankruptcy lawyer’s services. Did you know that many bankruptcy attorneys help clients negotiate with their creditors without actually filing for federal debt relief? It’s true. If you’ve had problems getting creditors to listen to you, contact an attorney. He or she has negotiation experience and knows the right language to use to get creditors to remove fees or penalties from the amount you owe. An attorney may even be able to help you pay less overall. As you can see, there are plenty of ways bankruptcy lawyers in Memphis, TN, can help you when you’re facing a mountain of debt. Don’t wait for the situation to get worse. If you’re contemplating bankruptcy, get in touch with a qualified attorney today to schedule a consultation and take control your finances.
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