Jul 11
22
Why I Chose To Use A Bankruptcy Lawyer
About 5 years ago, I started to rake up so much debt, through using excessive credit that was available to me during the easy credit period of the 2000s. I easily had several credit cards with available balances of over $50,000. Thinking that I was invincible financially, and that the housing bubble simply cannot just collapse overnight, I used the equity of my house for every single purchase. I was eventually brought back into reality on the severity of my financial ruin when the housing bubble burst in 2008. I had accumulated so much debt, without any clear path on how and when I can pay off the debt. After much debate with myself (through Internet researches on websites like Wiki and FTC, I decided that the only way that I can ever recover from this mountain of debt is to file for bankruptcy protection. Once I decided that I need to file personal bankruptcy, I know that I do not have what it takes to take on the bankruptcy process myself, so I had to seek the help of a bankruptcy lawyer.
There are many bankruptcy lawyers out there. Make sure you find one that you are comfortable working with, one that can explain the bankruptcy law in plain English. You should find a bankruptcy lawyer who is sympathetic to your situation, and not just a regular “paper pusher”. Some bankruptcy lawyers do not care about their clients as individuals, but rather just as another set of paperwork that needs to be filed. You should have a comfort level with your bankruptcy lawyer because you want to be able to call him or her anytime if any question arises regarding your specific situation. You want your bankruptcy to be a “friend” to you, to help and guide you through this difficult situation.
What My Bankruptcy Lawyer Did For Me
- Helped me filed all the necessary paperwork
- Guided me with “selecting” the “more lenient” trustee
- Helped me determine what are exempt and non-exempt assets
- Helped me interpret all the legal mumbo jumbo
It has been 1 ½ year since I have filed for bankruptcy protection. But the beauty of having procured a bankruptcy lawyer is that I can always call on the bankruptcy lawyer if I have some questions on my particular situation. It was just last month that I received another letter from the mortgage company that had the lien on the house I had given up for foreclosure. The mortgage company was ready to start the foreclosure proceedings in the court of law. Even though I had a clear idea what the legal document is conveying, it was still nice to be able to get the reassurance of the bankruptcy lawyer who then explained the entire process to me. If I didn’t get a bankruptcy lawyer to handle my case and filed the bankruptcy on my own, I would have to do my own interpretation of the law. To me, it was just a better that I seek the help of a professional bankruptcy lawyer to handle my case. Granted, it cost me about $3,000 to secure this bankruptcy lawyer, I would say that it was still money well spent.