Bankruptcy may sound like a bad thing, and in some ways it is not something one wants to happen. But bankruptcy gives a person with outstanding debts a chance to start over. There could be a better future in filing for bankruptcy, with a bankruptcy attorney.
Bankruptcy can be filed by any individual on his or her own behalf with the help of a lawyer. However, it is essential that the filing be done carefully and correctly, because a case may be dismissed for missing or incorrect documentation and may not be able to be filed again. The rules governing bankruptcy are highly technical, and often couched in legal terms that may not be easily understood. It is highly recommended that a bankruptcy attorney is consulted for the correct and proper filing and processing of bankruptcy.
Aside from filing for bankruptcy properly, a bankruptcy attorney can be very helpful in finding ways and means to maximize the protection of your assets. An attorney would be aware of exemptions and provisions that may work to the advantage of the debtor. At any rate, an expert in bankruptcy law would be in a better position to negotiate with creditors and protect the debtor’s interests.
For example, in some states you can claim exemptions for your property, vehicle, clothing, furniture, pets, jewelry, livestock, tools, equipment, and so on. There is also protection against wage garnishing, and the potential to secure social security benefits, and civil service or veterans benefits for some debtors.
There are also federal exemptions. In a few states, bankruptcy courts may allow the debtor to choose to follow the federal exemptions, or the state exemptions. A lawyer can assess the debtor’s situation and determine which set of exemptions will better serve the interests of the debtor. These are just a few reasons why you will be able to start fresh with a bankruptcy lawyer.