Bankruptcy is a widely used tool to help individuals and businesses resolve their financial difficulties and start fresh. However, filing for and completing a bankruptcy is complex and intimidating. This is why it is important for anyone considering filing for bankruptcy to seek the advice and expertise of an experienced bankruptcy attorney.
A qualified and experienced lawyer can provide invaluable guidance throughout the bankruptcy process, from determining which type of protection best suits a particular financial challenge to navigating the legal process and dealing with creditors. Below are some of the most important reasons why having an experienced bankruptcy advocate is so important.
They Know Which Chapter Is Better for You:
Bankruptcy law is divided into several sections, including Chapter 7, Chapter 11, and Chapter 13. Each chapter of bankruptcy law has its own set of rules and regulations that must be followed. Chapter 7 bankruptcy is known as a liquidation bankruptcy. It allows the debtor to eliminate most, if not all, of their unsecured debt. This means that the court will order the sale of the debtor’s assets and the proceeds from these sales will be used to pay off creditors. If any money is left over after paying off creditors, the debtor will receive it. Chapter 11 bankruptcy is also known as a reorganization bankruptcy. It enables the debtor to restructure their debt into a manageable repayment plan. This plan allows the debtor to keep their property and other assets. Chapter 13 bankruptcy is a repayment plan that allows the debtor to pay off their debt over three to five years. The court will review the debtor’s income and financial situation and create a feasible and beneficial plan for all parties. All three chapters of this law have their advantages and disadvantages and should be discussed with a legal professional before filing.
They Already Know the Legal Process:
An experienced bankruptcy advocate can be essential when navigating the complex legal processes of filing for bankruptcy. A knowledgeable attorney will deeply understand the rules and regulations that must be followed during the bankruptcy process, including filing deadlines and creditors’ rights. They can also provide impartial advice on the best course of action to maximize your chances of successful bankruptcy completion.
They Deal With Your Creditors:
One of the most difficult aspects of filing for bankruptcy is often dealing with creditors. An experienced bankruptcy advocate can help you to negotiate with creditors, helping you to manage your repayments and come to a mutually agreeable solution. This can be invaluable in ensuring that all parties get what they want from the bankruptcy process and helping to reduce hostile creditors in the long term.
They Will Save You Money:
An experienced bankruptcy advocate can help you avoid costly mistakes throughout the bankruptcy process. For example, an attorney could help you identify potential intricacies that could add to the cost of your bankruptcy, as well as help to ensure that you receive all of the benefits to which you are entitled. This could lead to significant cost savings in the long run.
They Give You Peace of Mind:
In addition to the practical benefits of having an experienced bankruptcy advocate, it can also give you peace of mind. Knowing that you have the support of a knowledgeable professional throughout the process can be invaluable in helping to manage your stress levels and ensure that your bankruptcy is handled as efficiently as possible.
If you are considering bankruptcy, it is important to seek the advice of an experienced and seasoned bankruptcy advocate. An experienced bankruptcy advocate, like one from DeLuca & Associates, can provide invaluable guidance throughout the bankruptcy process and help ensure you make the most of your bankruptcy filing. By enlisting a skilled bankruptcy lawyer, you can rest assured that you’re taking the right steps to help you and your business get back on track.
Business Name – DeLuca & Associates
Address: 4560 S. Decatur Blvd. Suite 302
Las Vegas, NV 89103
Phone Number: 702-252-4673