For several decades, US bankruptcy laws have morphed into a quagmire of legal proceedings that have an effect on an individual’s current financial status and future financial commitments as well. This means that using the services of a Manhattan bankruptcy attorney is not only advisable on a short-term basis, but also ensures that his or her assets will be protected fairly for many years after that.
Here are some other reasons why people decide to consult with a Manhattan bankruptcy lawyer.
● The terms and words expressed in any legal proceeding have precise definitions whenever they are used in a courtroom that may not be applicable in another situation. Also, some of these words are never used in any other context outside the courtroom, and they are meaningless to the ordinary layperson. Lawyers speak for their clients, and their main task is to ensure that their clients’ rights are acknowledged by all parties involved in the proceedings.
● A Manhattan bankruptcy attorney acts on behalf of the client and can negotiate a reasonable settlement of the related debts and assets. Also, anyone who files for bankruptcy without legal representation may not be treated fairly, and attorneys understand the level of protection that their clients should experience when they are in court. Without that, an unscrupulous creditor can easily take advantage of the situation.
● Often, a bankruptcy many involve the liquidation of the client’s assets at that time, and have serious implications for the future as well. An attorney is a position to minimize the long-term effects of bankruptcy as they relate to various financial matters, such as obtaining loans and credit ratings.
● The typical person who decides to file for bankruptcy does not know where to begin when it comes to completing the complex, voluminous paperwork that is required in these cases. An experienced attorney always files paperwork that is accurate and submitted at the proper time to avoid any delay.
● As a rule, clients file for bankruptcy as a last resort, and fairness is an essential part of the process, especially since they are in a vulnerable state when they reach that point. In court, their attorneys are ready to speak for them, relating the facts in the case and explaining why taking this step is necessary. At the same time, creditors expect what is due them, and a lawyer is prepared to negotiate a settlement with that will satisfy both the creditors and their client.