Three Reasons Why A Good Debt Relief Lawyer Is A Vital Part Of The Bankruptcy Process
By : Alex Category : Legal
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Being deep in debt with no viable plan for getting out of the hole can be a scary situation for anyone to find themselves in. Fortunately, the federal government has made true debt relief a possibility by allowing Americans to file for bankruptcy. However, getting the maximum benefit from and avoiding trouble with bankruptcy is important, and hiring an attorney for help with the process is usually what allows people to accomplish both of these things. While working with a bankruptcy attorney isn't a requirement, here's why it's a debtors best bet:

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  There are different types of bankruptcy that an individual may file, and each of them has a qualification process. While Chapter 7 requires a means test to ensure that a person's income is low enough for unsecured debt wipeout, filing for Chapter 13 requires a high enough income to develop and execute a debt repayment plan. A Debt Relief Lawyer can help clients assess their individual financial situation and avoid wasting precious time filing a petition for which they do not qualify.

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   Bankruptcy is complicated. There's a ton of paperwork and a lot of rules and laws to remember. Unfortunately, even one small mistake can spell trouble, resulting in a possible petition dismissal. Since a Debt Relief Lawyer is familiar with current bankruptcy laws and will have completed the process and the paperwork many times before, they can take on the task of doing most of the hard work. By taking advantage of their knowledge and experience, a debtor can avoid putting themselves at risk.

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  The bankruptcy process allows some people to take actions that could further reduce their debt. For example, a debtor may be able to cram down the loan on their car, strip away additional mortgages on their home, or even get back wages that have been garnished. However, it's rare that debtors know about these options or how to make them work for their situation. A bankruptcy attorney will not only explain these options to qualified debtors, but they'll help them do what's necessary to take full advantage of them.

No one wants to find themselves in a financial hole, but it's important for debtors to know that bankruptcy may be able to help them get out of it. Visit Hogan-law.com to learn more about how a debt relief attorney can make all the difference when it comes to getting back on the right financial track.








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