The Importance of Legal Representation for Bankruptcy

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The Importance of Legal Representation for Bankruptcy

The Importance of Legal Representation for Bankruptcy

Being in a large amount of debt is never an easy thing to come to a realization about. Most individuals would rather stay in debt and keep struggling to pay it off than file for bankruptcy. Not only is it disappointing to the person filing, but it is also an extremely stressful process.

In all places throughout the United States, especially in Northeast Ohio, the amount of people drowning in debt is high. When someone is struggling with the amount of debt they are in, it may be the best decision to file for bankruptcy and look into the legal representation available to make sure that you are taking the right path.

Options to Choose From

There are a few different bankruptcy options to choose from, such as Chapter Seven and Chapter Thirteen. Chapter Seven, also known as liquidation bankruptcy, is where a trustee sells off its assets and has a negotiation about the other debts owed. Chapter Thirteen is oftentimes referred to as reorganization bankruptcy, which includes a plan where the one in debt will repay all that is owed and has a retention of assets. Choosing the right option will depend on which situation an individual is in.

Most people who are already having financial struggles might not want to get a lawyer because it can be expensive. In Ohio, a new service has been created that helps with simple filings and could be a better option for people who do not want to pay for a lawyer. Although this service could help the people of this state, the benefits of legal representation far outweigh the costs.

After obtaining a lawyer, they can help with the initial decision to file bankruptcy after reviewing the case. With the help of legal representation, a filing error or an error of any kind can be avoided and can be handled easier than if you were to file without one. This can ensure that the individual filing saves money and could possibly keep their assets all because they chose to have someone help them with their situation.

While an attorney can be costly, prices are sometimes negotiable and do not cost as much as a mistake might. It is always important to choose legal representation when considering bankruptcy. We provide Free Bankruptcy Consultations so contact us today!

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