Though some people believe that those who file bankruptcy are just trying to find an easy way out of their responsibilities, this isn’t always the case. In fact, many people take a considerable amount of time to decide to handle their debt with bankruptcy because of the long-term effects it can have on your credit. Once someone makes the decision to file bankruptcy, the next step should be contacting a Bankruptcy Attorney in Arlington, VA who can give you should advice on how to move forward. If you have yet to consult legal counsel about your impending bankruptcy petition, here are three reasons why you may want to do so immediately:
1. The courts will treat every individual filing for bankruptcy the same. This means it is assumed that you have a thorough knowledge of bankruptcy options and laws, and you are held responsible for any mistakes that are made on the paperwork. Unfortunately, your entire petition may be thrown out due to one simple filing error. Because of the technical nature of bankruptcy petitions and the potential for people to make mistakes, it may be best to leave this process to a skilled bankruptcy attorney.
2. Filing for bankruptcy isn’t always an easy process. You may not be aware that one of more of your creditors could decide to object to your petition. For the assets that you will be keeping, you may be asked to sign reaffirmation agreements that force you to agree to repay in accordance with the original terms. If this happens to you, you’ll need to hire a lawyer who can negotiate with creditors and get the situation resolved on your behalf.
3. You may not realize the amount of work that goes into making your case a success. Essentially, it quickly becomes a project that needs to be managed. This is where a bankruptcy attorney can help, as they can deal with your creditors, file the necessary paperwork and help you make the hard decisions about which type of bankruptcy to file while you focus on rebuilding your life.
The best time to seek legal advice about your bankruptcy is when you decide that filing is the way to go.
