Filing for bankruptcy isn’t a simple procedure, so it isn’t recommended that people attempt to do this on their own. Hiring a chapter 13 bankruptcy attorney in Rockville, MD will make it more likely that all of the proper rules and procedures are followed so that the filing is successful. There are a number of other reasons to hire a lawyer for this type of filing as well.
Limits Potential Accidental Fraud
It’s possible to accidentally commit bankruptcy fraud. A chapter 13 bankruptcy attorney in Rockville, MD will understand all the rules and make sure that all income, property and assets are declared and the forms are filled out properly so there isn’t a chance of this happening. Otherwise, if a mistake is made, it could lead to legal penalties.
Chapter 7 bankruptcy isn’t as confusing as chapter 13 bankruptcy, which requires a lot more paperwork and has a more complex process. Figuring out a debt repayment plan, for example, can be a bit too complicated for many people filing for this type of bankruptcy. The help of a trained professional with experience coming up with these plans can definitely be beneficial.
Limits Risk of Dismissal
Hiring a chapter 13 bankruptcy attorney in Rockville, MD limits the risk that your bankruptcy case will be dismissed. This is because the attorney will make sure everything is properly filed and on time, as well as making sure that you meet the qualification criteria. This means the case is more likely to get to court, get heard and get approved.
Chapter 13 Benefits
Chapter 13 bankruptcy involves following a payment plan to pay off as much of the debt as possible, with any remaining debt being discharged at the end of a certain time period. While some people would prefer to not have to pay anything back, this type of bankruptcy allows people to keep more of their property, such as homes and cars, than chapter 7 bankruptcy. It also only stays on a person’s credit history for seven years rather than the 10 years necessary with chapter 7 bankruptcy.