Many people prefer to never think about the possibility of filing a bankruptcy claim, even when doing so could be their best option. Many people do not even want to talk to a bankruptcy attorney because the idea they would file such a claim is just too embarrassing. That is truly unfortunate. Seeking out a bankruptcy lawyer to repair your credit is nothing to be ashamed of. In fact, it can be one of the smartest things people can do to get back on the road to a good credit score.
You only need to look to the statistics to see how true this is. During the average year, at least 1.5 million people will file for bankruptcy in the United States. That is from data compiled from American bankruptcy courts around the nation. Nearly 1% of all of these bankruptcy filings are a result of student loans. That means 15,000 claims are filing every year because of this kind of debt. Nearly 50% of all visits to bankruptcy attorneys are due to medical debt. The United States is the only country on the planet to have such debt.
Reasons you need a bankruptcy attorney:
- You have a much better chance of success with an attorney. If you choose to go it alone, which is called “pro se,” your chances for success hover around 60% for Chapter 7 bankruptcy claims. That number jumps to over 95%n when you hire an attorney. If you are looking for a Chapter 13 bankruptcy, you will only have a .04% if you do it pro se, vs. a 55% chance for success with a good bankruptcy lawyer.
- You can get a financial reboot with a successful bankruptcy filing.andnbsp;People often only think about the negative aspects of filing for bankruptcy. There are things you can do instead. One example is you may want to contact your creditors to work out something. Many people try to get away with ignoring their financial woes. There is a very small chance that you can get away with that but the chances are much better that you will have your car repossessed or your home foreclosed upon. By hiring a good attorney to help you, you can save a lot of money in the long run.
- You have a better chance of saving your home.andnbsp;This has already been mentioned but it is well worth repeating. The foreclosure process is very upsetting. Soldiers serving in Iraq and Afghanistan have reported that dealing with their mortgage company was more stressful than serving in combat. When you want to save your home, going to a qualified attorney can make all of the difference. They can explain all of the steps, the pros and cons and all the details in filing for a Chapter 7 or 13 bankruptcy.
- A good attorney can help you understand the process.andnbsp;No matter whether you are looking to file a Chapter 7 or 13 bankruptcy, you need to know what the benefits and negatives come along with each kind. For each, there are different assets that you will be able to keep after your claim has been approved. The rules and regulations on bankruptcy filings change all too often but a good bankruptcy lawyer can help you navigate the process.
- Your stress level will be brought down when you hire a lawyer to help.andnbsp;As was mentioned, financial worries for soldiers in war are harder to deal with that combat. One reason people find the bankruptcy process so stressful is they do not understand the process and have a hard time doing it on their own. When you hire a lawyer to help, you go into the process knowing you have an expert on your side. This will also shorten the process. You really cannot put a price tag on your peace of mind.
No one ever really wants to file for bankruptcy. The problem is that if you have gotten to the point where you are in the position to need to file for one, you are already at the point where it is your best option and way to restore your credit. Before you do anything, you should meet with a lawyer to see what your options are.