If you have found yourself in dire financial straits, with your home and car at risk of repossession and creditors constantly knocking at your door, then it may be time for you to file for bankruptcy. This is, of course, a last resort option, but it may be necessary. Broadly speaking, you have two options with bankruptcy, being a Chapter 7 or a Chapter 13 bankruptcy. Each has advantages and disadvantages, and each has different legal requirements. This is why you should start by reviewing bankruptcy attorneys in Philadelphia, as they will be able to provide you with the help that you need.
Why You Need Bankruptcy Attorneys in Philadelphia
There is no legal requirement for you to hire an attorney if you want to file for bankruptcy. However, it is still recommended that you do. These professionals are highly trained to make sure you get the best possible solution, so that you can get on your feet again as soon as possible. If you do this without their help, you could end up making a mistake and leaving you in even worse situations. You could even, for instance, lose your right to file for bankruptcy. The risk is clearly far too great.
Each state has its own rules and regulations in terms of filing for bankruptcy. There are even differences between counties. Hence, while the federal government provides advice on bankruptcy and how to file for it, this doesn’t really show you the full picture. And since you are facing bankruptcy, you won’t have the time to learn about all these differences. You could even accidentally commit bankruptcy fraud, which is a crime punishable by fines and imprisonment, something that you will want to avoid.
Filing for bankruptcy is a major decision to make, and one that will have a significant impact on the rest of your life. It has legal and financial implications and those are highly complex. Hence, you need legal advice to make sure things are done right. In fact, you need legal advice just to find out whether you should file for bankruptcy at all. A good attorney will review your current situation and determine which Chapter is right for you, if any at all. They will then set the wheels in motion for you, ensure you submit all the relevant documentations, negotiate with creditors for you, and more. They will submit the paperwork, deal with your trustee, represent you in court, and so on.
Yes, hiring an attorney costs money. And yes, when you are in this type of situation, you will probably feel that it is money that you don’t have. However, attorneys are understanding of this, and they will usually have arrangements in place to make sure you don’t end up finding yourself in even greater financial difficulties. Hence, the cost of a lawyer should really not be a consideration for you at all. If you want to get back on your feet and regain control of your financial future, you need a lawyer on your side.