When you decide to file for bankruptcy, you are expected to adhere to many rules and regulations. And failure to do so can be costly when it comes to your rights as a debtor. Filing without the help of a bankruptcy attorney in Charleston, WV can have long-term financial and legal repercussions. Here’s why you should seek legal counsel when filing for bankruptcy:
There Are Different Kinds of Bankruptcy you Must Understand
If you want to file for bankruptcy, you must decide between the various kinds of bankruptcy options. Every kind of bankruptcy is different and provides varying options regarding status, payment options, and debt extinguishment. You must understand the types of bankruptcy that fit your financial needs, along w犀利士
ith the rules and regulations associated with them. A bankruptcy attorney can help you with this.
If you have to file for bankruptcy in Charleston, your lawyer can tell you whether you must file for Chapter 7 or 13, depending on your situation. Chapter 7 bankruptcy will wipe out a lot of your debts quickly; however, only if you have completely paid your mortgage. If you file for Chapter 13 bankruptcy, you can adjust some of your debt as long as you have a regular income. Your bankruptcy lawyer will take your financial situation and needs into account before determining the type of bankruptcy to go for.
You Don’t Want to Commit Bankruptcy Fraud
When filing for bankruptcy, you must disclose all your property and assets, provide correct and accurate information or records, and fill out bankruptcy forms truthfully, accurately, and completely. Otherwise, you may be at risk of committing fraud. If you want to avoid both civil and criminal penalties associated with this type of fraud, ensure you hire a lawyer to review your forms before submission.
You Want to Increase your Chances of Acceptance
By having a bankruptcy lawyer in Charleston filing your bankruptcy petition, you increase your chances of getting it accepted. The process requires plenty of complex paperwork and languages you may not be familiar with. Bankruptcy lawyers have extensive experience analyzing relevant bank statements and other financial documents, ensuring nothing gets past them.
You Want to Get Counsel
By hiring somebody who knows the bankruptcy laws, process, and rules, you can avoid future issues. Your attorney will help you make vital decisions about settling your debts. They can give you legal counsel to make these decisions and feel great about your choices.