HOW A BANKRUPTCY ATTORNEY WILL KEEP YOU FROM GETTING INDICTED FOR FRAUD

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Bankruptcy proceedings are a complicated business and it is never a good idea for one to represent themselves before a bankruptcy court or even file the paperwork independently. While you will find a service of almost any nature available today, bankruptcy attorneys are actually ones that are useful and necessary if one finds themselves in a situation such as bankruptcy.

This article will discuss the different reasons why you should hire a bankruptcy lawyer instead of just filing the application yourself. From the legal ramifications of inadvertent mistakes to the complicated processes, you’ll have enough to know for a certainty that bankruptcy filing is one task that should be left to the professionals.

So without further ado, let’s go!

BANKRUPTCY LAWS ARE COMPLICATED

Georgia’s bankruptcy laws are not just complicated, but they are also ever-changing. Considering the fast-paced economic times we live in, it’s not surprising that bankruptcy laws are subject to change so as to protect the rights of all parties that are affected. Furthermore, the procedures and formalities that surround bankruptcy applications can be complicated and onerous to boot. There are sensitive timelines in place and one can’t waste time unnecessarily trying to navigate this complex maze.

As such, it’s better to leave the matter to a professional. A bankruptcy attorney is equipped with the knowledge on current laws and, due to everyday access to the industry, will be aware of any changes to the law. They would also know all the procedures and timelines like the back of their hand.

DIFFERENT TYPES OF BANKRUPTCY

There’s more than one type of bankruptcy and there are predefined criteria that makes one eligible to file for a specific type of bankruptcy. These specifics are not known to the layman and, as such, a lawyer should be consulted with. The ramifications of wrong filings can be serious and even disastrous as has been discussed further in detail below.

YOU COULD END UP LOSING YOUR HOME OR CAR

Assets have to be listed in bankruptcy filings in a very specific manner. A mistake in doing so can end up in you losing your car or even your home. A lawyer would know how to list your assets according to the type of bankruptcy that you’re filing for and will ensure that you don’t end up losing something valuable and significant.

CREDITORS WILL STOP CALLING YOU

One of the biggest issues in bankruptcy is the fact that creditors keep calling and harassing to ensure that their debt is paid off. Lawyers can keep that from happening as, per law, creditors would need to contact your lawyer before they contact you. The lawyer will ensure that all communication is done through official channels and recorded to ensure everyone’s rights are protected.

THE RAMIFICATIONS OF INCORRECT FILINGS CAN BE SERIOUS

An incorrect filing doesn’t just result in lost assets. At times, an incorrect application can result in the court rejecting your application and barring you from applying for bankruptcy again in the future. You also run the risk of being indicted with fraud, even if it isn’t a strong case, as prosecutors would not want to risk financial crime.

As such, hiring a lawyer is a prudent way to approach the matter and ensure that your rights are protected and that you do not face any undue legal consequences for an innocent mistake.

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