Many people think that filing for bankruptcy is the fastest way to get out of debt. As such, they dive head on without even considering other options and the repercussions of bankruptcy.
Filing for bankruptcy without consulting your Salt Lake City bankruptcy lawyer first can cause many problems in the future.
Why You Should Hire a Bankruptcy Attorney
Bankruptcy can be a tricky process. It gets even more complicated because of the frequent changes in requirements and forms. There are even times when some provisions of the law seem contradictory. Yet, each of these laws is valid. Without legal training, it would be difficult for you to handle everything on your own.
Bankruptcy attorneys are well versed in this field. They have a good grasp of the ins and outs of the process. Hiring one will ensure that you will not get lost in the maze of documents to prepare, deadlines to meet, and court orders following. Your bankruptcy lawyer can help protect your rights and your possessions. He will recommend the best courses of action to take for specific situations.
What Bankruptcy Can’t Do For You
Your lawyer may know everything about pertinent laws. But, even after you’re declared bankrupt, you may still have some unresolved problems. Bankruptcy can stop foreclosure and collection proceedings. It may also eliminate your unsecured debts. But, your secured debts will remain. Likewise, alimony payments, child support, unpaid taxes, and student loans will not be discharged. Obligations like these are not absolved since public interest is involved.
In most cases, bankruptcy also fails to get rid of dis-chargeable debts. These include debts that the person forgot to include in his bankruptcy documents, and debts that result from DUI and other similar offenses.
While filing for bankruptcy can help you get relief from most of your unsecured debts, some of your problems may remain. An experienced and qualified attorney can help you manage these debts, so you can have a fresh financial start.