No one ever plans on filing for bankruptcy, but the sad fact of the matter is that in today’s sluggish economy, more people than ever are finding it necessary to file for protection than ever. Often, filing for protection is the only way that a person can dig themselves out of a financial nightmare and regain some control over their futures. The protection that bankruptcy offers can stop the harassing phone calls from bill collectors, alleviate many debts, and can even prevent a bank from proceeding with a home foreclosure. Bankruptcy laws are quite complicated and vary between states. Because of this, it’s extremely important for people in Manhattan that want to file for bankruptcy to contact a Manhattan bankruptcy lawyer before submitting any papers to the courts. By having a qualified Manhattan bankruptcy attorney on the case, individuals can make sure that their interests are protected and that the process of filing for Chapter 7 or Chapter 13 goes as smoothly and as quickly as possible.
Many people might consider filing on their own, particularly if they do not have enough money at the moment to retain a lawyer to work on their case. In almost all cases, it is possible for an individual to file for Chapter 7 or Chapter 13 on their own, but it is almost always a bad idea. Filing for either protection is a serious process that requires expert and experienced advice. Only a Manhattan bankruptcy lawyer can help to explain all of the important financial and personal ramifications that filing will have on a person. For instance, a lawyer can explain how the filing will affect the debtor’s credit, which may make it difficult to obtain loans, find housing, or even get a job. They can also help to determine what assets the person owns are eligible for exemption from liquidation when filing for Chapter 7.
It’s also important to have a lawyer present at any court proceedings that may take place. The federal government and court systems have appointees called trustees that watch out for the interests of the government, so it only makes sense that a debtor should have an advocate to argue their case and to look out for their best interests. Usually, proceedings are short due to the amount of preparatory work that is completed before any hearings take place. The brevity of the proceedings belies the complexity of the process. Only a qualified Manhattan bankruptcy lawyer can make sure that residents of the area that need to file for chapter 7 or chapter 13 will get the best representation available for such an important event.