How Much Will it Cost to File Bankruptcy?

The expense of hiring an attorney to assist in a bankruptcy proceeding is often perceived by the potential filer as an unnecessary added cost, but the truth is that having an attorney often saves more money than it costs. It is an investment in the future more than an added expense at the time of initiation. It is very important for all information submitted on a bankruptcy petition to be accurate, and having an experienced bankruptcy professional can ensure there are no surprises or unwanted outcomes. This need applies regardless of which bankruptcy chapter is being used. Business owners will always want professional representation because there can be multiple issues that can apply to personal companies when business viability is also connected to the personal financial statement being used to submit the protection claim. When you have the experienced Brighton Beach bankruptcy lawyers from Ursulova Law Offices representing your case you can be assured of economic effectiveness.

Reducing Liabilities

One of the primary steps in a successful bankruptcy is reducing liabilities as much as possible before submitting a protection request. In a Chapter 7 debt discharge action your attorney can make sure all financial liabilities are eliminated according to the court order, which can be a real problem for filers who do not retain an attorney when the creditors want to be difficult. In a Chapter 13 personal bankruptcy, an attorney can ensure that liabilities are minimized before submitting a repayment plan via renegotiation.

Protecting Assets

The primary goal of a Chapter 13 or Chapter 11 filing is often protecting assets, such as a home or company operational assets. Avoiding a required sale of assets can save significant assets from liquidation, producing total savings in the long run when a feasible repayment plan is included in the petition. Bankruptcy can be more than protection from creditor attachment, and the amount an attorney can save can make a major difference in the final outcome after emerging from a payoff plan.

It is never a good decision to file bankruptcy without legal counsel. New York residents should always call the Brighton Beach bankruptcy lawyers at Ursulova Law Offices for cost effective results.