All of us have heard of going bankrupt, but many of us have never expected to actually be in that situation. There are many reasons that this could happen, such as inability to pay off debt, losing a job, an increase in medical expenses, and more. Whatever the reason, it’s important that you hire a lawyer throughout this process so that you can keep yourself and your belongings safe. Here are the reasons why it’s important to hire a real estate lawyer in NYC to help you file for bankruptcy.
Help You Assess the Situation
Bankruptcy isn’t always the best option; that’s why it’s important to consider if it’s the best solution for your specific situation. The lawyer will help you decide if it’s the right choice, when the right time is, whether or not you should file with your spouse, which chapter will get you the most relief, and understand how it will affect your financial situation.
Help You Avoid Mistakes
Filling out paperwork without knowing what you’re doing can lead to problems in the future. Since your assets are at risk, it’s important to make sure you know how to file the papers properly. By having a lawyer help you, they can fight for you to get the best possible outcome. They will also inform you on what assets are exempt from being taken away.
Explain the Process
Since filing for bankruptcy is already stressful enough, not understanding the process will make the situation even more scary. That’s why a lawyer will explain everything that you need to know, and put complicated lawyer talk into understandable language. They will also offer advice and support in order for you to get the best outcome.
Help You Complete the Process
After you file all of the necessary paperwork, there are still some factors to consider. For instance, if you’ve omitted an asset, your lawyer will amend the bankruptcy papers, see that the filing fee is paid, and the proper entities are served with the amendments.
If you’re considering filing for bankruptcy, talk to your real estate lawyer in NYC first. They will lead you in the right direction so that you don’t face problems in the future.