In today's economic and financial times, more and more consumers and businesses are facing bankruptcy as the only way out of their very poor financial situation. Let's assume for a moment that you have already thoroughly investigated all your possible options that could be used instead of bankruptcy and have already determined that bankruptcy is the best and only way out.
Not so fast. Have you really thoroughly checked into all possible options that could be used instead of filing for bankruptcy? People who are not intimately familiar with the financial industry may have alternatives that they were not even aware of, most of which would be significantly preferable to bankruptcy, which should only be used as your option of last resort. In addition, with the new bankruptcy laws recently enacted, you now need to be approved by the courts to file, and the ability to file is not automatically granted with a rubber stamp.
Now comes the question of whether you should get a good bankruptcy lawyer or try to save some money and make it a do-it-yourself project. Studies have shown that people who have tried to do it themselves without the help of a bankruptcy attorney have been quoted almost unanimously that if they had to do it over again, they would have used a lawyer. The money spent would have been well worth it in terms of the way their financial information was presented to the courts in order to obtain the desired results, as well as the number of assets that they could retain after the filing was completed.
But there is actually more than that. A good bankruptcy lawyer will examine your financial details and then they will be in a position to advise you as to what options you might have, which are all elements of a sound and solid bankruptcy evaluation. This helps you fully understand where you are now and what is your best bet for the future from a financial and economic standpoint. If you do mutually decide that filing is the best way to go, then the lawyer will be there to work with you to present your financial data in the best light possible so that the desired outcome is one that is most beneficial to you; for example, filing chapter 7 or chapter 13.
The best way to resolve your financial problems right now is to not make additional mistakes, and without an evaluation from a qualified bankruptcy lawyer, you probably don't really know what your options are or what is the best way to go. Do what is right for you and don't make more financial mistakes at this critical point in time.
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