4 reasons to hire an attorney for your bankruptcy filing in Mississippi
Filing for bankruptcy on your own may not be a good idea, because your future and your finances are at stake.
Last year, there were 6,287 total bankruptcy filings in the U.S. Bankruptcy Court for the Southern District of Mississippi. According to court data, these involve individual and business filings.
Each case is unique, as people going through the process will have their own challenges and circumstances. Though it is possible to try to navigate these cases alone, experts agree that working with an attorney is optimal for a number of reasons, such as the following:
1. How to proceed
At the first hint of financial distress, speaking with an attorney can be beneficial. Bankruptcy may not be right for everyone, and a lawyer can explain all the available options. Further, attorneys can outline what someone can expect from the process so there are no surprises.
2. Knowledge of the law
Bankruptcy proceedings can be highly complex, regardless of how much debt someone has or how few assets are in his or her name. There is a strict code that governs what must take place in order for a discharge to occur. As the U.S. Courts points out, someone trying to file without an attorney will be expected to know the U.S. Bankruptcy Code as well as local and federal procedures.
Most people do not have that kind of knowledge, which is why turning to an attorney for help is imperative. A lawyer will know which forms to file and how the law will affect someone’s case.
3. Sound advice
After making the decision to file for bankruptcy, a consumer will have to decide which filing is the correct one. For example, an individual can file under Chapter 7 or Chapter 13, depending on his or her circumstances. A business could seek relief under Chapter 7, 11 or 13. An attorney will know which option fits the circumstances and will provide the best financial reboot for the consumer or company.
4. Preserving the future
No bankruptcy filing should ever be taken lightly. Moving forward with the filing can have serious effects on a credit score and future finances. An attorney will be able to explain the consequences as well as offer advice for how to begin to rebuild credit once debts are discharged.
Even simple mistakes on bankruptcy paperwork can lead to a delay and even a case dismissal. Attorneys who are well-versed in the process will know what information is necessary and how to correctly complete all the necessary forms by the required deadlines.
Many people go into a bankruptcy proceeding with a range of emotions, from stress and confusion to anger and fear. An attorney can help alleviate concerns and serve as a source of support to consumers who seek relief. Anyone who is dealing with this topic should connect with a bankruptcy lawyer in Mississippi.