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One of the biggest mistakes that people make is failing to consult with a bankruptcy attorney before they file for bankruptcy. Even if you do not plan on using an attorney for your filing process, consulting with one prior to filing can be beneficial. Here are three key reasons why you should always meet with a bankruptcy attorney prior to filing for bankruptcy.
A Lawyer Can Tell You If Your Debt is Dischargeable Under Bankruptcy Laws
One of the biggest myths surrounding bankruptcy is that you can discharge all of your debt if you file for bankruptcy. You cannot file bankruptcy for every type of debt. If you owe a court-ordered debt, such as child support, alimony, or criminal restitution, bankruptcy will not wipe out that debt. Bankruptcy can also not help with most types of student loans. Finally, collateral-based loans, such as title loans, cannot be forgiven if you file for bankruptcy. A bankruptcy attorney can help you determine if your debt can be resolved, forgiven, or discharged by filing bankruptcy.
An Attorney Can Advise You On All Of Your Debt Relief Options
Another reason why you should consider meeting with a bankruptcy lawyer prior to filing bankruptcy is that bankruptcy may not be the best debt relief option for you. Filing for bankruptcy has negative consequences on your credit score. In some cases, negotiating debt settlements or taking out a debt consolidation loan may be a better choice. An attorney can look at your debt versus your income and help advise you on the debt relief options that may be available to you.
A Lawyer Can Help You Determine the Best Time to File Bankruptcy
Lastly, a bankruptcy attorney can help you determine when the best time to file bankruptcy is. If your car is about to be repossessed or your home is about to be foreclosed on, you may need to file immediately. In other cases, you may want to wait a few months before filing. If you received a bonus at work, the courts may be able to count that bonus as income if it was received in the past six months. Large credit purchases may also be non-dischargeable if you file immediately after charging your credit cards up. A lawyer can help you determine the right time to file if filing is the right choice for you.
A bankruptcy attorney knows local bankruptcy laws. They can help you determine if your debt is able to be discharged, if bankruptcy is really your best debt relief option, and when the best time to file for bankruptcy is based on your situation. If you are struggling to pay your bills, you should sit down for a consultation with a bankruptcy lawyer and find out if bankruptcy is truly the best option for your situation.
For more info, contact a professional near you.