Why Do You Need A Lawyer When Declaring Bankruptcy


Let’s be honest, the word bankruptcy scares most of us. It is also typically associated with such negative images that not only will this ruin your brand’s name, but it can also lead to various legal cases. This is why you need northern VA bankruptcy lawyers to protect yourself, your business or company, and your assets among others during cases of bankruptcy.

Before we proceed to the reasons why you need northern VA bankruptcy lawyers, let’s first take a look at what a bankruptcy lawyer does.

There are two types of bankruptcy lawyer that you should be familiar with: commercial bankruptcy lawyers and consumer bankruptcy lawyers. The first one is someone who can help you file for bankruptcy for your business. The latter one is someone who helps protect your business from creditors. They are also responsible for clearing up any outstanding loans and even help you be granted enough time to get your business bank on its feet.

So, when do you really know when you’re in need of northern VA bankruptcy lawyers?

Well, there are a number of telltale signs that indicate it’s time to consult with a bankruptcy lawyer. Firstly, if you are already unable to pay your bills on time, then maybe it’s time to find a lawyer. Furthermore, you are constantly being called by your creditors or debt collectors, reminding you of your loans, yet you consciously try to avoid them, this is also another sign. Basically, if you are quite unsure as to how you’ll handle all of your debts piling up, a bankruptcy lawyer is the way to go. Not only will they be able to guide you, but they can also save you from future costs or even from the idea of losing all of your assets due to unpaid loans.

However, there are a certain number of people who seem to ask “Is hiring a bankruptcy lawyer worth it?”

Keep in mind that your biggest advantage in hiring a bankruptcy lawyer is that they are able to notice any red flags early on. In addition, since they are knowledgeable on all things pertaining to bankruptcy, they can easily recognize any hiccups that may or may not arise during your case. Remember, this is all about protecting you and your assets.

The stages that come with hiring a lawyer and declaring bankruptcy starts with the planning stage. This process step includes the need to consider other alternatives to bankruptcy. Because the truth is, there are other ways to achieve financial peace – that you most likely not be aware of. Then, if bankruptcy is the only way to go, a lawyer can help you decide which type to file.

After this, you proceed to the preparation stage, then on to the actual case. In the preparation stage, you and your lawyer apply the means test. It indicates whether or not you actually qualify for bankruptcy. This includes valuing your property and dealing with exceptions, all of these may seem technical, but this is why you need a bankruptcy lawyer.

At Bolger Law Firm, we have the best northern VA bankruptcy lawyers who can help you. Contact us today and let’s discuss how we can be of service.