When most people think about filing for bankruptcy, they immediately turn to their credit card bills, how much money they owe on the line of credit, or even just how much life has cost them in the last few months. What these consumers fail to realize is that this is not necessarily an effective way of dealing with their debt problems because it will only delay your financial ruin and add years to the amount of time you are going to be paying back your debts.
If you want a way out of debt and into a better financial situation, then chances are you should be looking at filing for Chapter 7 bankruptcy as part of a long-term approach. If you have to file for bankruptcy, getting an attorney to help is one of the best decisions you'll ever make. This article outlines the benefits of working with bankruptcy attorneys in Spokane.
- They understand bankruptcy options
When filing for bankruptcy, it is important to know that not all debt is created equal. Your credit card bills, while they might be huge, are not necessarily insurmountable. However, your mortgage could be considered a good cause of action to file for Chapter 7 bankruptcy because there is no second chance for a modification on the amount of money you owe the lender.
A bankruptcy attorney will know these differences and be able to guide you through the process of deciding what kind of bankruptcy you should file for and provide expert guidance on how to approach each kind of debt in a way that will maximize your chances of success.
- Better legal representation
As a person becoming a client for the first time, you have the luxury of meeting up with a bankruptcy attorney in a single interview. In most cases, this is where your bankruptcy attorney will just be there to answer your questions and give you plenty of information on what the bankruptcy process involves. However, this is not ideal because it leaves the matter up to your judgment on whether or not to trust that attorney. An experienced attorney knows exactly how to handle such situations and will be able to explain what options are available as well as how they may impact your ability to reduce or eliminate your debt.
- Better negotiations
A consumer bankruptcy attorney will know exactly how to handle negotiations with unsecured creditors. This is something that most consumers are unfamiliar with because they have never had to file for bankruptcy before, but a bankruptcy attorney is going to be able to handle it easily. The negotiating process can be lengthy and nasty, especially when dealing with creditors resistant to working out a payment schedule or going away completely. A good bankruptcy attorney will know exactly what needs to happen and how far they can push a creditor before the creditor decides that you cannot be trusted any further. Additionally, once an agreement has been reached with one creditor, your attorney will know which tactics work best in dealing with the other creditors.
- Save you money
Chapter 7 bankruptcy is a long-term solution if you are trying to get out of debt. For example, Chapter 7 requires that you make payments for about two years before any kind of discharge will be received. This means that the average consumer ends up paying an additional $11,000 in interest because they have taken on too much debt in their short time on this planet. This is money that might easily have been avoided if they had simply had an attorney assisting them with their filing process and getting the most favorable outcome possible.
The Law Office of Robert C. Hahn, III, P.S.