Why Do You Need A Lawyer When Declaring Bankruptcy

Any legal step that you have to take in your life, you should always consult with a lawyer no matter how big or small it is. Firing a bankruptcy is something that is undoubtedly life-changing. It’s in your best interest that you discuss it with a bankruptcy lawyer.

Declaring bankruptcy without talking to a lawyer can spell doom for you in the future. It will probably end up costing you a lot more and you might not even be made aware of the alternatives to bankruptcy that your lawyer can offer in the meantime.

Below are some of the best reasons why you need a lawyer when declaring bankruptcy.

Your Business Will Be Affected

If you own and operate a business, it will definitely be affected by your bankruptcy filing. In most cases, the business will go down with the sole owner that filed bankruptcy. However, you might be in a partnership or corporate which allows you to file for bankruptcy and still be able to become an owner of the business.

To retain the status as an owner, you should talk to a lawyer. They will be able to guide you in retaining this status even after you declare bankruptcy.

There Are Alternatives to Bankruptcy

Bankruptcy is a word that’s thrown around quite easily when people feel as if they have no other choice with their financial situation. In some cases, it’s the only choice. However, you might not be as restricted as you might currently think.

There are different alternatives to bankruptcy that a bankruptcy lawyer will be privy of because of their experience in the field. They will be able to brief you on these alternatives so you can make a final decision on whether or not you are going to move forward with your bankruptcy filing.

You’re Going to Have to Go to Court Multiple Times

Declaring bankruptcy isn’t a one day trip. It’s a long process that’s going to go for a span of weeks. There will be schedules that you will have to fulfill on your own and paperwork that you will have to sift through.

By hiring a lawyer, you’re going to greatly reduce the burden on you as you go through this tough time. In most cases, they’ll be able to give you an assessment of the things that you need to know based on what you’ve given them. This will make it easier for you to do the paperwork.

You’ll Need a Refined Testimony

As you declare bankruptcy, you will need to have an accurate testimony. It also needs to be complete. With the help of legal counsel, you will be able to accomplish these two things. You will have to swear, in court, that you’re telling the truth. By fine-tuning your testimony, you won’t be in as much trouble if there may be errors that are found in the future provided that you fill out the necessary forms with the best of your knowledge.

It’s always better to declare bankruptcy with the help of a bankruptcy lawyer since they already have experience and can help you in various ways.

Do you need a bankruptcy lawyer who can walk you by the hand through a very delicate process? Contact Bolger Law Firm today!