Thinking about filing for bankruptcy? You can do it yourself—but if you do, you might overlook important factors that will help you achieve a more favorable outcome. When you’re already struggling financially, we know the last thing you want to do is add more expenses to your list—but a good bankruptcy lawyer in Carlsbad, CA may even wind up paying for themselves.

Why hiring bankruptcy attorneys is a smart choice

There are a lot of choices to be made when you file for bankruptcy in Carlsbad, CA—and even more variables to consider. From the type of bankruptcy you file to which assets you might be able to keep, you need a trained professional to help you navigate this difficult situation. Here are three major aspects an attorney can help you with:

• Whether you should even file in the first place: You’re broke, the bills are piling up and you’re struggling to survive. Bankruptcy is a given, right? Actually, there might be better options out there for you. Bankruptcy attorneys are skilled at helping you explore other options before deciding to file. Since a bankruptcy discharge will stay on your credit report for years, you might find that it’s prudent to look into other debt solutions. However, this requires consulting with a bankruptcy lawyer first.
• How you should file: For consumer debt, there are two main types of filings. Chapter 7 requires the debtor to pass a “means test” or otherwise demonstrate that they’re unable to pay their bills. Their assets are liquidated and the proceeds used to pay off creditors, usually at a significantly discounted rate. Chapter 13 bankruptcy allows debtors to keep some or all of their assets, but they’ll have to come up with (and follow) a three- to five-year payment plan to get their debts discharged or become current. Both types of bankruptcy have advantages and drawbacks, and your attorney can help evaluate your situation and explain which type would be best for you.
• Expert help in procedure and paperwork: Finally, anyone who has been part of a legal proceeding knows that there is always a lot of paperwork—and the outcome of your case depends on filing properly and on time. Your attorney will already know the ins and outs of bankruptcy filings, so it won’t be entirely incumbent upon you to avoid detrimental mistakes. This expert help makes it much more likely that your paperwork will be accepted, which ultimately saves you time, money and energy.

Filing for bankruptcy in Carlsbad, CA is a major decision, and one that shouldn’t be undertaken on a whim. Working with a bankruptcy lawyer is the best way to ensure that everything is done correctly, that you don’t miss anything and that you’ve explored all of your other options first.

If you’re considering filing for bankruptcy, reach out to Gregory S. Hood, Attorney at Law, P.C. today. We can help guide you through the process and do our part to ensure a favorable outcome for your case.