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5 Benefits Of Hiring A Bankruptcy Attorney

From our years of experience as bankruptcy attorneys in Louisiana, one of the biggest realizations we’ve had is that most people don’t have any understanding of what bankruptcy is or how it helps people. In fact, for most people bankruptcy has a negative connotation associated with it.

Where a lot of people believe that bankruptcy is the ultimate symbol of financial failure, it’s actually a symbol of financial renewal. For one, it doesn’t magically eliminate debts — before the discharge of debts, the person filing will either have to repay their debts according to a court-ordered arrangement or forfeit non-exempt property to be liquidated and distributed amongst creditors, depending on the type of bankruptcy being conducted. That said, after the process is complete, remaining debts are eliminated and there is an opportunity to reestablish your financial situation.

Additionally, throughout the bankruptcy process credit and financial literacy counseling serves to educate those who undergo the process in how to properly and responsibly manage finances. All in all, bankruptcy simply provides people with the opportunity to correct their financial situation in a responsible and effective manner. This is not to say it’s an easy or simple process, but instead that it is a viable way to eliminate debts and, in a way, wipe your financial slate clean so you can start anew.

If you have been or are now considering bankruptcy as a potential option for you, we’re happy to hear that! And while it’s entirely possible to go through the process on your own, we highly advise that you seek legal assistance when choosing to undergo bankruptcy.

In short, this makes the process as efficient and effective as possible. While that alone may be enough to convince you, we think it’s important to stress just how beneficial it is to utilize the assistance of an experienced bankruptcy attorney to get you from start to finish.

In this blog from The Cook Law Firm, we’ll be discussing five ways you benefit from hiring a bankruptcy attorney.

Keep reading to learn more!

Choosing The Right Type Of Bankruptcy

Before the bankruptcy process begins, you need to qualify for either Chapter 7 or Chapter 13 bankruptcy. Not only are there specific requirements for each type of bankruptcy, but the two types vary greatly in terms of time to completion and how creditors are compensated.

Chapter 7 bankruptcy is intended for those who make less than the median household income in their area, which is determined by a means test. In terms of how one compensates their creditors, under Chapter 7 bankruptcy, non-exempt property is seized by the bankruptcy court, liquidated, and then distributed amongst creditors. This process, in total, only takes an average of four to six months to complete, making it the most time-efficient form of bankruptcy.

Chapter 13 bankruptcy, on the other hand, is intended for people who make more than the median household income of their area. This type of bankruptcy requires you to pay your creditors a certain amount of your debts over a court-ordered period of time, usually taking three to six years in total. While the process is much longer, you get to keep all of your property!

When you work with a bankruptcy attorney from The Cook Law Firm, we’ll help you not just determine which type of bankruptcy you qualify for, but we’ll also work with you to ensure there are no other alternatives to bankruptcy so we can be positive it’s the right choice for you.

This helps make the process easier because once you know which type of bankruptcy you’re undergoing, you’ll know what to expect. Plus, it saves time while ensuring you correctly file your bankruptcy case.

Guiding You Through The Process

While this was inferred above, it’s important to recognize that with a bankruptcy attorney, you’ll have an expert guiding you every step of the way through the process. Not only do our bankruptcy attorneys understand the process, but they also work to get the best possible results for you. From executing the means test correctly to ensure qualification for bankruptcy to advocating and representing you in meetings with your bankruptcy trustee, we’re always here for you!

This is also in regard to questions — when you work with us we serve as your bankruptcy resource. Our intimate understanding of the process and experience helping people through it, we have a vast amount of knowledge we’re happy to share.

Filing Paperwork Properly

Like most legal processes, bankruptcy requires an immense amount of paperwork. Plus, this paperwork has to be correctly completed and filed to ensure that it is accepted by the court. Without proper paperwork with the court, your case won’t be able to proceed.

On your own, completing and filing this paperwork would require hours upon hours of research to simply understand, let alone the time to correctly fill it out, edit it, and file it. However, with the help of an experienced attorney, the paperwork will be completed, double-checked, and filed correctly and efficiently.

Clarifying Expectations

Every instance of bankruptcy is unique, as everyone has a unique financial situation. While it’s easy to provide detailed overviews of how the process works, it’s difficult to convey all of the situations that can take place when filing for bankruptcy.

When you work with a bankruptcy attorney from The Cook Law Firm, we’ll make sure you know exactly what to expect when you undergo the bankruptcy process. If you need to give up certain non-exempt property under a Chapter 7 bankruptcy, we’ll make that clear, and we’ll make it clear what property is exempt and what is non-exempt. No matter the scenario, we’ll be transparent and helpful. What’s more, if there is an obstacle, we won’t simply point it out. We’ll provide possible solutions and create a plan of action to keep you moving forward.

Our goal is to get you to the end of the bankruptcy process so you can be debt-free and reestablish your finances, and that’s exactly what we’ll do.

Representing Your Interests

While many aspects of bankruptcy cannot be negotiated, a bankruptcy attorney will ensure that your interests fought for and met where possible. Again, our bankruptcy attorneys are experts in the process and laws that govern the bankruptcy processes. This equips us with the ability to see every possibility, every step of the way so we can then advocate and work to get you the best deal possible.

The Cook Law Firm

Any time you’re undergoing a legal process, you should seek out legal representation. The simple truth is that law is complicated and intensive, and attorneys help make the process understandable while providing the best possible experience for their clients.

At The Cook Law Firm, we’re proud to serve Louisiana with the finest bankruptcy attorneys available. The benefits we’ve talked about in this blog are important, however, we’ve only scratched the surface of how we can benefit you. If you’re interested in learning more about bankruptcy and how we can help you, please contact us today!