Regardless of how careful a person tries to be when it comes to managing money, they could find themselves in a level of financial trouble that they cannot get out of. In some cases, filing for bankruptcy is their only option. But before the individual starts the bankruptcy process, they should contact a Rockville bankruptcy law firm. There are several ways that a bankruptcy lawyer can help.
Realistic Financial Evaluation
Just because the individual believes that bankruptcy is their best option doesn’t mean there aren’t other options. Before they start the bankruptcy process, they should sit down with a bankruptcy lawyer to find out if it is the best solution to their problem. Bankruptcy should be the individual’s last resort; therefore, they shouldn’t file for bankruptcy if there is something else that they can do.
Chapter 7 or Chapter 13?
There are two types of bankruptcy that a person can file for. Chapter 7 would remove all the unsecured debt that a person has; however, it has a longer lasting effect on their credit report. Chapter 13 would give the individual more time to pay off their debt, and it wouldn’t remain on their credit report as long as chapter 7 would. Most people wouldn’t know which type would be better for their particular situation. But this is something that a Rockville bankruptcy law firm can help with.
Assistance with Paperwork
There is a great deal of paperwork involved when a person is filing for bankruptcy. If the paperwork isn’t filled out completely and correctly, it can cause a delay in the case or the application can be denied. It is a good idea for the individual to hire a bankruptcy lawyer to handle to paperwork to ensure that it is done properly.
Knowledge of Bankruptcy Laws
There are several bankruptcy laws that can have an effect on a person’s case. If they don’t know these laws, the case could be affected negatively. Bankruptcy lawyers have a firm grasp on the bankruptcy laws and the process. This is very important to the outcome of the case.
Before an individual files for bankruptcy, they should seek advice from a Rockville bankruptcy law firm.
