July 14, 2022

Why Hire a Bankruptcy Attorney?

When your finances are in shambles, it’s easy to wonder where to turn for assistance or how to manage debt while trying to get back on your feet. A bankruptcy lawyer is someone who can help you when your financial situation is bad, and you can’t handle it anymore.

This person can help you consolidate your dwindling finances and protect you from creditors looking to take advantage of your financial insecurity. In this post, Siddons Law Firm discusses why you should hire a bankruptcy attorney in Media, PA, and how they can assist you with various aspects of bankruptcy filings.

The Benefits of Hiring a Bankruptcy Attorney

Perhaps you’re mired in a cycle of indebtedness. Or you’ve been considering hiring a lawyer but don’t see how they can help your situation. Consider the numerous advantages of working with an experienced bankruptcy attorney.

Filing a Bankruptcy Correctly

Bankruptcy is more than just filing papers and going to the bankruptcy court. Typical bankruptcy proceedings involve a variety of issues. In addition to paying court fees, you must attend counseling sessions, attend debt restructuring meetings, and follow specific court requirements and guidelines. This can be exhausting if you are already stressed out due to financial difficulties. A good bankruptcy lawyer will walk you through each step of your case and assist you with the bankruptcy paperwork. Their goal is to ensure that you are debt-free and that your case is not dismissed.

Choose the right bankruptcy option.

Filing for bankruptcy is not as simple as it may appear. Bankruptcy is classified into two types: Chapter 13 and Chapter 7. While both involve filing for bankruptcy, they are not the same. Chapter 13 keeps your debt but restructures payments to make them more manageable, allowing you to keep your assets and regain financial stability. Chapter 7 bankruptcy, on the other hand, eliminates all of your debt but risks losing your assets. A good lawyer can look at your case, figure out what you should do, and help you find your way through the federal courts and US bankruptcy court so that you can start over.

To Help You Pay Off Your Debts

Falling behind with debt payments is a bad thing, but a common situation for those who file for bankruptcy. Your lawyer can assist you in developing a Chapter 13 debt payment program that suits your budget and gives you the financial freedom to enjoy a decent life minus the agony. A good lawyer will evaluate your assets and debts and work quickly to provide you with the best plan to pay your creditors. In some cases, the lawyer can talk to your creditors and come to a deal with them outside of court. This way, you can keep paying back the loan without being harassed or sued for not paying it back.

Strong Legal Representation

Bankruptcy can hurt you or help you, depending on your financial situation. Whether you fell behind on mortgage payments or defaulted on unsecured debt, only a competent lawyer can help you navigate the legal process. It’s one thing to file for bankruptcy and another thing to fight out your case against the backdrop of harassing phone calls from angry creditors.

A qualified lawyer knows a lot about bankruptcy law and can help you make good decisions during the bankruptcy process. This will make sure you keep up with the requirements of the United States bankruptcy court.

It helps save you money.

You’re already in a bad financial situation. So you don’t want to lose any more money. A bankruptcy attorney can assist you in reducing the number of exemptions on your claim. Different states have different laws regarding bankruptcy exemptions. The courts in Pennsylvania allow you to keep your essential or basic possessions such as your home, household items, clothing, and furniture.

The exemptions are limited to a certain dollar amount per asset. Siddons Law can help you choose the right set of exemptions for your situation and work to keep exemptions as low as possible. As a result, you can save a lot of money and even your home after filing for bankruptcy.

Fruitful Negotiations

Bankruptcy gives you a new lease on life and the opportunity to make amends while working to regain your financial footing. Negotiations are involved, and a good lawyer will try to get you a better deal on your mortgage, credit cards, car loan, or other debts. Furthermore, they may be able to get you relief from debt collectors. 

Siddons Law can investigate your options and negotiate a payment plan with creditors. We hope to alleviate the anxiety and stress of being pursued, failing to make debt payments, and the uncertainty of being shackled by massive debts. So, you can get back on your feet financially and stop worrying about debt collectors bothering you and your family.

Protect your home and assets.

You put in a lot of effort to acquire your properties and assets. However, by declaring bankruptcy in Media, PA, you place your home, assets, and finances at the mercy of the courts. A qualified attorney is your best bet because they can provide adequate legal representation while ensuring that you keep as much of your assets as possible. Your bankruptcy attorney can assist you when your home is about to be auctioned off. Contact Siddons Law before things get worse if you want to keep your home from going into foreclosure or sell it for less than it’s worth.

Is your financial situation getting out of hand? Contact Us Today!

If you’re struggling with debt and don’t see any improvement in your situation, it’s time to contact bankruptcy lawyers in Media, PA. At Siddons Law, we understand the frustrations and stress of long-term financial difficulties. 

During difficult times, our experienced bankruptcy attorneys can assist and advise you. Call 610-255-7500 to schedule a case review without bankruptcy attorneys or to learn more about the next steps.