For most people the thought of bankruptcy is terrifying. It’s a last-resort effort to get out of destructive debt scenarios. Although no one sets out with the goal of filing bankruptcy, it does happen because people are in a lot of debt. According to Fair Issac, outstanding debt compromises 30% of most people’s credit scores. When that debt gets unmanageable and overwhelming, you need help to get accounts resolved. A bankruptcy attorney can help. These are professionals who are trained in financial law and bankruptcy law. They can help you navigate this often confusing and frightening time. Let’s look at a few ways a lawyer can help you keep your property during bankruptcy.

Evaluate Your Situation

Everyone who files bankruptcy is an individual, and so they have an individual and unique financial situation. It’s vital that a lawyer evaluate your situation so that the best possible decisions can be made. There are different types of bankruptcy available for different situations. The type of bankruptcy you file will determine which assets you may be able to protect. Since you aren’t a bankruptcy lawyer, though, you won’t know all of these details that could have a huge impact on your life going forward. You need the expertise of a bankruptcy professional to guide you through a deep evaluation of your situation.

Negotiate With Collections

A bankruptcy attorney can also help you by negotiating with collections. Negotiations are often an important part of this process. Most debtors want to get some of the balances owed; They often don’t expect to get every cent. A lawyer can present your situation to them and explain what would be a realistic payback amount. In many cases, debtors are happy to negotiate for something rather than wind up getting nothing.

File Your Information Properly

Lawyers will also help you by ensuring that all of your paperwork and information is filed properly. Often a bankruptcy can get messy when these documents are not filed correctly or in a timely way. This could result in you losing assets that you need to keep.

These are just a few ways that a bankruptcy attorney can help you keep your property. If you’re looking for a lawyer to help you out, please contact Weinberg & Ziegler PLLC today.