Personal Injury Lawyer | Bankruptcy Lawyer | Fakhoury Law


Personal Injury Lawyer | Bankruptcy Lawyer | Fakhoury Law


What Does a Bankruptcy Lawyer Do?

bankruptcy lawyer

Bankruptcy is one of the few legal processes that can be pursued without the assistance of a lawyer. 

Some may see this as a blessing, believing that they are saving themselves money when they dispense with the need for one. 

For others, though, navigating all that bankruptcy paperwork on their own is a double-edged sword in that, should they fail, they would be left wondering whether they should have consulted, if not hired, a bankruptcy lawyer in the first place. 

Whichever the case, understanding what a bankruptcy lawyer does can ultimately help you decide whether you need one or not. 

So, to help you in that regard, here are four things a bankruptcy lawyer does for people during a bankruptcy proceeding.

A Bankruptcy Lawyer Will Effectively Assess Your Situation

Generally, the United States has six types of bankruptcy, but the two types most people are familiar with are Chapter 7 and Chapter 13.

The difference between the two is simple: the goal of a Chapter 7 filing is for some, if not all, debts to be discharged, typically through liquidating assets. A Chapter 13 filing, on the other hand, deals with debt repayment under an approved repayment plan. 

Each has its advantages and disadvantages, which you can assess for yourself. But unless you have the relevant expertise or background for it, a proper bankruptcy assessment isn’t something you should do on your own. 

Filing for bankruptcy is, undoubtedly, a very crucial moment in anyone’s life. An incorrect assessment of your bankruptcy options can have lasting consequences, and these are things you could very well avoid if you have professional help. 

The best way to assess your financial situation is through an experienced bankruptcy lawyer. They will not only understand the repercussions of all the decisions available to you, but they will also know which bankruptcy route and information will give you the most advantage for your specific circumstances.  

A Bankruptcy Lawyer Will Negotiate On Your Behalf

In any bankruptcy proceeding, three main parties are typically involved: the debtor, the creditor, and the judge. 

The judge, for the most part, will look at the documents and listen to what the parties have to say. From there, he or she will either grant or dismiss the bankruptcy filing. That’s as simple as it gets. 

The creditors, however, are an entirely different matter. Because unlike dealing with a judge, a bankruptcy lawyer can negotiate with creditors on matters that may make your bankruptcy petition easier and less burdensome. 

In fact, a good bankruptcy lawyer can even make it so that you don’t ever reach the courts or, perhaps, even file that bankruptcy petition to begin with. 

Through careful dialogue, bankruptcy lawyers can talk with creditors and make them agree on a debt settlement, doing away with the idea of filing for bankruptcy. 

A Bankruptcy Lawyer Will Ensure You Get Discharged or Approved

Speaking of the judge, how they decide on your bankruptcy petition will rely largely on the information you supply to them. 

With the assistance of a committed bankruptcy lawyer, your bankruptcy petition will have a lesser chance of getting dismissed by the judge, giving you a better likelihood of improving or restarting your financial situation. 

This fact is even supported by one study, which found that people who represented themselves were ten times more likely to have their bankruptcy petitions dismissed or their requests denied when compared to those who had bankruptcy lawyers representing them. 

It’s safe to say that, out of all the things that a bankruptcy lawyer can do, this may be the most important one. 

A Bankruptcy Lawyer Will Be There For You

Whether you agree or not, there is a stigma when it comes to filing for bankruptcy. 

For most people, the mere idea of bankruptcy means defeat, both personally and professionally. Debt-related stress is a serious matter, and filing for bankruptcy can sometimes exacerbate this.

Fortunately, a bankruptcy lawyer can help you ease these financial stresses. 

Not only will a bankruptcy lawyer handle everything in the bankruptcy filing, but they will also directly talk with your creditors and their collectors.

They may not be your friend, but when it comes to securing your financial situation and ensuring the success of your petition, bankruptcy lawyers will be there for you every step of the way. 

Closing Thoughts

Legal paperwork for bankruptcy can be daunting, stressful, and depressing. Letting these converge on you can not only severely affect your bankruptcy petition but also critically damage your mental health. 

Delegating all that bankruptcy paperwork to a bankruptcy lawyer means relieving yourself of all those negatives, allowing you to live your life with little to no stress than what you could have had if you didn’t. 

Bankruptcy is a very crucial decision in one’s life. But it’s also important to remember that, in a similar vein, deciding whether you need a bankruptcy lawyer or not is also a crucial decision. 

If you’re still unsure, please do not hesitate to contact us. We will be more than happy to consult you on this matter free of charge!

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