Bankruptcy is a process which is conducted under the supervision of a court and has a significant impact on an individual’s or business’s financial future. There are many specific laws that control the process of bankruptcies and how debtors can resolve their debts through bankruptcy. That said, there is no law requiring individuals wishing to file a bankruptcy to consult legal counsel prior to filing, however, all business and corporate filings must be done by an attorney. All of the changing laws and numerous options available to those in significant debt can make understanding bankruptcy and how best to proceed difficult for individuals. An attorney can be a big help in understanding the many laws that relate to bankruptcies as well as the other options that may exist.
Many potential bankruptcy filers ask, “Do I need an attorney?”, it is a valid question. Although bankruptcies can be filed without a lawyer, in many cases having an experienced attorney on your side can be extremely important when considering bankruptcy. Bankruptcy courts are designed to work in the favor of debtors but having legal representation is often the difference between getting an ok debt restructuring deal and a great one. An attorney experienced in bankruptcy law will know the answers to an individual’s questions as well as be able to push for a highly attainable plan. In occasions where there are other options available to a debtor, retaining the services of a bankruptcy lawyer can ensure that all options are evaluated and the best possible option is chosen.
According to the law, bankruptcy filers do not need an attorney, however having one can potentially save a bankruptcy filer thousands of dollars and pieces of property that might otherwise be forfeited or sold to repay creditors. In the event that creditors are not interested in dealing with a debtor or are unwilling to accept a fair payment restructuring, an experienced bankruptcy attorney can help create a compromise which will benefit the debtor and be acceptable to creditors. More than anything, having an attorney means that if there are additional options available, they will be known and understood.
If you are considering bankruptcy and would like to learn more about your options, contact the Norton Law Offices today; we can help you get a bankruptcy settlement which is designed to meet your needs, not your creditors’.
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