Although consumers have the right to file for bankruptcy without the help of an attorney, it’s rarely wise for them to take this course. Unless their cases are perfectly straightforward and they don’t have much to lose, they’re better off finding a bankruptcy law firm in Honolulu, HI that can help. Read on to find out why it’s worth the cost.
There are different kinds of bankruptcy, and a bankruptcy attorney can help their clients decide which of them will provide the best solution to their debt crises. Chapter 7 bankruptcy provides a quick solution, but Chapter 13 may allow homeowners to keep their properties even if they’re behind on their payments. Consumers and business owners may also want to explore alternatives to filing for bankruptcy, and their lawyers can tell them if it’s a good idea and point them in the right direction.
Attorneys can apply the means test to calculate whether their clients qualify for chapter 7 bankruptcy. They can also help their clients accurately and realistically value their properties and assets and explain Hawaii’s exemption system so that their clients will be able to retain as many of their assets as possible.
Working with a bankruptcy law firm in Honolulu, HI also gives debtors a better idea of what to expect when they file for bankruptcy. They need to know which of their debts will be discharged and which will survive the case, and a lawyer can explain this to them.
Attorneys can help their clients negotiate reaffirmation agreements or redemption with creditors. They can also negotiate payment terms, collateral value, and interest rates if their clients want to file for chapter 13 bankruptcy and modify repayment plans.
Protection for Debtors
Creditors are supposed to stop all attempts to collect debts when debtors file for bankruptcy. Unfortunately, not all of them will adhere to injunctive orders prohibiting collection activity. An attorney can ensure the creditors’ compliance with the automatic stay put in place when their clients file for bankruptcy.
Struggling with debt and want to explore options? Get help now. The law office of Goodsill Anderson Quinn & Stifel can help. Click here to learn more about the firm or call to schedule a consultation today.