Bankruptcy is often the last resort that you can opt for. All your bad debts have to be cleared with other options. When all fails, you can resort to filing for bankruptcy.
But do you know when exactly you should file for bankruptcy and under which chapter? Are you in a position to identify the red flags that hint that you are heading for bankruptcy? Bankruptcy laws are quite complicated for a layman to understand. Though it is easy to file for bankruptcy, understanding the situations and the laws is a matter of expertise. Hence it is always advisable to approach a bankruptcy attorney when you need help with your debt-ridden life.
Here are the top reasons as to why you should get a bankruptcy attorney (from Milwaukee WI) for yourself:
- Hiring a competent attorney is actually recommended under the U.S court system, as the rules and laws are quite complicated. A small mistake on the part of the individuals can have lasting repercussions, with bankruptcy cases even being thwarted, with no option of filing one again.
- A bankruptcy attorney, who is skilled, will help you make that right decision, even though it is the most difficult decision. One look at your financial situation by an experienced attorney can reveal many details that are not visible to you.
- Following the federal bankruptcy rules are of utmost importance when filing for bankruptcy. Any deviation in the process is not tolerated. Only a trained attorney who specializes in Bankruptcy filings will be able to assist you with the right advice.
- Your bankruptcy attorneys can protect you from the harassment of creditors and collection agencies.
- Filing for bankruptcy involves a lot of paperwork. The humungous amount of paperwork is sometimes complicated, but necessary. Many support documents are also required to be submitted along with the application. An attorney can advise you about the different documents that are required to be submitted and the different forms that have to be filled. A good lawyer keeps track of all the paperwork and ensures that it gets done at the right time and submitted on time.
- Talking to an attorney, helps you know about the different avenues that are present in front of you. An attorney will be able to guide you on the exact way to proceed forward. After knowing your financial situation and any debt crisis, a skilled lawyer will be in a position to direct you to the best possible route that can be taken legally.
- The attorneys, of course, are familiar with the court proceedings. They can counsel you and help you understand the whole process.
- Knowing which bankruptcy chapters to choose and what an automatic stay entails can be quite cumbersome to a novice. An experienced lawyer will be able to tell you that filing for individual bankruptcy under Chapter 7 is much faster and Chapter 13 bankruptcy can take up to 5 years. The legal jargon is often complicated to a layman.
According to data available on websites like Wikipedia, uscourts.gov, American bankruptcy institute, etc., bankruptcies have peaked at an all-time high during the time period between 2005 and 2010. However, coming to the recent statistics released by theAdministrative Office of the U.S. Courts, in the year 2016, the bankruptcy filings fell to a 6.9 percent for the period ending June 30, 2016, in comparison to the previous year.
The most common causes of bankruptcy include loss of job, a reduction in the income, illness, separation/divorce, credit debt, unexpected expenses etc. Hiring a qualified bankruptcy lawyer from Milwaukee, WI, helps you to come over the situation faster and better. Your chance at having a fresh financial start is accelerated.