Debtors considering bankruptcy often believe, erroneously, that it’s better to file on their own than to hire a lawyer. Even those who are facing serious financial trouble should avoid this costly mistake.
A Cheap Bankruptcy Lawyer In Olympia WA can save his or her clients money, time, and a lot of stress. Read on to find out how.
Understanding Options
A bankruptcy lawyer can explain clients’ options. There are some important differences between Chapter 7 and Chapter 13 bankruptcy, so it’s important to speak directly with a legal professional who can explain what each of them entails. While both provide relief from creditors, there’s no way to offer general guidelines on which is better since every client’s financial situation is a little different.
Comply with Requirements
If debtors don’t comply with the state’s bankruptcy requirements, their cases may be dismissed. In Washington state, debtors are required to undergo credit counseling prior to filing for bankruptcy and to complete a financial management course after filing.
Debtors must also provide detailed information about their income and expenses as part of what’s known as a means test. A lawyer can help his or her clients gather relevant documents and fill out paperwork to facilitate this process.
Protecting Property
Most Washington residents don’t know much about property exemptions. A Cheap Bankruptcy Lawyer In Olympia WA can explain what forms of property their clients will lose and which will be exempt so they know what to expect.
Help Settling and Negotiating Debts
Not all debts are discharged by bankruptcy. Federal student loan debts, for example, must still be paid off in full. Bankruptcy lawyers can help their clients settle and negotiate any debts that remain in effect after completing bankruptcy proceedings.
Flexible Payment Plans
Bankruptcy attorneys know that their clients are already under a lot of financial stress, so many offer flexible payment plans and services starting at less than $900. Many bankruptcy lawyers also offer free consultations, so debtors have nothing to lose by calling to discuss their options. Just make sure to find a law office that has a solid reputation and plenty of experience helping clients in similar situations.
