Hagerstown bankruptcy: Do you need an attorney?



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Category: Lifestyle

There is certain negativity associated with the word “bankruptcy”. If you are dealing with financial distress, you should consider all possible ways to manage your debt concerns. When nothing else is viable, bankruptcy could be an option. Contrary to what people think, bankruptcy is not the end of the world for anyone. In fact, you could have a blank slate to start afresh with your finances. Here comes the big question – Should you hire a Hagerstown, MD bankruptcy attorney? Below is an overview of the key aspects worth knowing. 

Reviewing the role of a bankruptcy attorney

The key role of a bankruptcy attorney is to offer sound advice for your financial situation and find ways to protect your assets. The first meeting with an attorney to discuss your concerns doesn’t have to cost anything. Most bankruptcy lawyers in Maryland offer a free initial consultation to discuss the various options at hand. Just because you are dealing with financial distress does not mean you have to file for bankruptcy. For instance, some people may benefit from debt consolidation. Also, bankruptcy involves a considerable amount of paperwork, which an attorney can handle for you. The lawyer is also responsible for representing the client in court when needed. 

How much do lawyers charge?

It depends on the facts of the case and the work involved. The Chapter 7 bankruptcy process can be completed in a few months and doesn’t require extensive effort, at least in most cases. Lawyers often charge a flat fee for such cases. On the other hand, Chapter 13 is more complicated and involves more work, and the lawyer may charge accordingly. 

The need for an attorney

As we mentioned, bankruptcy is not an easy decision, at least for most people. Also, there are pros and cons of the decision. For instance, if you file for bankruptcy, you would have to lose your credit cards and may have to take future personal loans at a much higher interest rate. An attorney can explain the key details and take the process forward. You can reduce your stress to a large extent by hiring a lawyer who will take care of the process, filing of fees, paperwork, declarations, and other aspects. They can also recommend ways to protect some of your assets. 

If you have decided to file for bankruptcy, consult a lawyer and review the decision again. You will find it easy to manage the situation.