Why an Attorney Is Important When Filing for Bankruptcy
In Arkansas, filing for bankruptcy is among the promising options for individuals and businesses facing financial adversity to seek debt relief. However, there are various complicated phases involved in bankruptcy, including preparing, understanding your possible options, filing your bankruptcy petition, attending court proceedings and creditor meetings, and receiving your discharge. For this reason, getting proper guidance from an experienced Arkansas bankruptcy attorney is imperative to navigate key decisions and avoid costly mistakes.
At Bond Law Office, we are dedicated to offering comprehensive and knowledgeable guidance to clients in bankruptcy-related matters. As your legal counsel, we can enlighten you about the benefits of hiring a bankruptcy attorney to help file your petition and explore your possible debt relief options. In addition, we will determine the right bankruptcy chapter for your unique financial situation and walk you through every legal step involved from start to finish. Our firm proudly serves clients across Fayetteville, Fort Smith, Mena, Van Buren, Clarksville, Waldron, and the Arkansas River Valley.
Why You Should Hire a Bankruptcy Attorney
Filing for bankruptcy in Arkansas involves many complicated procedures. It is advisable that you work with a seasoned bankruptcy attorney to ensure a seamless and successful filing. Here are some reasons to hire a bankruptcy attorney to handle your bankruptcy petition:
Planning
When planning for bankruptcy, consulting with an attorney is crucial. Your lawyer can help assess your current financial situation, evaluate the debts you owe, and consider your alternatives to bankruptcy. In addition, your lawyer can educate you about the advantages and drawbacks of each bankruptcy option and determine which type or chapter of bankruptcy is right for you.
Preparation
If you have decided to file for bankruptcy, an attorney can assist with the necessary preparations. Your lawyer can evaluate the value of your assets and property and apply the available exemptions to keep your home, vehicle, and other assets. Also, your attorney can apply the means test to determine your eligibility for Chapter 7 or Chapter 13 bankruptcy. Your legal counsel can also help decide which debts will be wiped out or repaid during bankruptcy.
During the Process
Upon filing your petition, your attorney will guide you through the legal proceedings involved. Your lawyer can represent you in court, attend the creditor meetings, and negotiate a feasible repayment with your creditors. Also, your attorney will help handle harassment and ensure that all eligible debts are settled and you receive your bankruptcy discharge at the end of your case.
Guidance After Bankruptcy
Lastly, your attorney can prepare you diligently for life after bankruptcy. Your lawyer will advise you on how to maintain a home and job, rebuild your credit, keep a bank balance, avoid common pitfalls, and help ensure that you don't suffer any financial setbacks.
Common Pitfalls Without an Attorney
Here are some common pitfalls of filing for bankruptcy without a lawyer:
choosing the wrong bankruptcy chapter
incorrect classification of assets and debts
not qualifying for the right bankruptcy
running up credit card debts
transferring or selling property and assets prior to filing bankruptcy
filing bankruptcy at the wrong time
failure to protect or exempt property in Chapter 7
failure to propose a feasible Chapter 13 repayment plan
leaving out assets and debts in the bankruptcy filing
failure to comply with the rules and procedural requirements for filing bankruptcy
A reliable bankruptcy lawyer can walk you through the legal processes involved and help you avoid any of these pitfalls and errors.
What to Expect in a Bankruptcy Attorney
Here are some important qualities to expect in a bankruptcy attorney:
Your attorney must have extensive experience with cases that are similar to yours.
Your attorney must be proficient and have an eye for detail.
Your attorney should offer a free consultation to allow you to assess if they're the right choice.
Your attorney must have up-to-date legal knowledge about your type of bankruptcy.
Your attorney must be able to better communicate your financial problems and debt relief options with you.
Your attorney must have local expertise and adequate knowledge of the local legal community.
By hiring an effective bankruptcy attorney, you can have the peace of mind and needed assurance that your case is in reliable and competent hands.
Get in Touch With an Attorney Today
Filing for bankruptcy in Arkansas usually involves a lot of complicated legal procedures and can be overwhelming. Therefore, it is advisable that you hire a highly-experienced bankruptcy attorney for detailed guidance and to help you make informed decisions about your financial situation.
At Bond Law Office, we have the diligence and expertise to advise and guide clients through the complexities of bankruptcy. Our trusted attorney can review your financial situation, enlighten you about your options, and determine the right type of bankruptcy for you. Also, we will help file your petition, walk you through the legal process, negotiate with creditors, and outline a strategic plan to improve your credit and finances post-bankruptcy.
Contact us at Bond Law Office today to schedule a simple case assessment with a dependable bankruptcy lawyer. We can offer you the reliable advocacy and personalized guidance you need in your bankruptcy case. Our firm proudly serves clients across Fayetteville, Fort Smith, Mena, Van Buren, Clarksville, Waldron, and the Arkansas River Valley.