Financials can be tricky and if you make a few mistakes along the way you can end up in serious debt. When you’ve got debt lurking over you, it can be hard to do anything, so, unless you win a lottery or something unexpected happens, there’s not a lot of ways to settle the debt. One of the things you can do though is, file for bankruptcy. Now, the ‘funny’ thing is, even though you’re applying for bankruptcy, meaning the money is a bit of an issue, bankruptcy can turn out to be quite expensive.
You’d see how that could be the problem considering what you’re trying to deal with. To be fair, in the long run, filing for bankruptcy can and will save you a lot of money. On the other hand, you’ll have to deal with immediate expenses such as the lawyer.
So, how do you pay a lawyer when you’re having financial issues? Well, there are several ways to ‘find’ some money in the process or strike a deal with the attorney and we’re going to talk about them in just a few moments. First of all, let’s take a look at what you should expect from your lawyer and why you should absolutely hire one.
The main thing to understand about cases like these is that not all bankruptcy cases are the same. It all depends on whether you’re be filling for either Chapter 7 or 13 bankruptcy, whether you are a business owner, whether any of your property is up for sale because of the debt and so on. You might not be skilled or knowledgeable enough to tackle the case yourself, but your lawyer will certainly be.
That brings us to our next point and that is legal advice. The attorney is there to help you out in any way you can and that means advising you on your next move. Sometimes, filing for bankruptcy might not even be the best move. Lawyers know everything there is to it and will certainly point you in the right direction.
A very important thing in cases like this is paperwork. When it comes to bankruptcy cases – there is a lot of paperwork. Good thing is, attorney already know what is needed and will present you with all of the requirements for the case, so you don’t have to do it all by yourself. However, it is up to you to provide your lawyer with all the financial information they might need – from income and expenses to assets and debt information. Be sure not to miss or intentionally leave something out because that could cost you the case. Once you provide all the necessary data to the attorney, they’ll fill out all of the required paperwork and make sure everything is there.
Now, this might not seem like a lot. Advice and handling paperwork, but trust us, it’s the little things that make or break these cases. If you decide to do it by yourself, chances of winning are slim – just over 2% to be completely honest. However, win rates of www.attorneydebtighters.com are incomparably better.
Now, let’s see how you’re going to pay the attorney now that you know they’re an essential part of the equation.
Although this is not exactly a piece of advice on how to pay the lawyers, it’s a great way to save money for later. A lot of law firms offer free consultations for their potential clients. Considering how filing for a case might actually be a bad decision, free advice on what to do is a great way to make sure you don’t end up in greater debt than you’re already in. Consultations are a good way to determine which kind of bankruptcy to file (which also affects the payment plan) when to file for it and more. Also, while you’re there, you can talk about rates and payment plan, or lack of one, which brings us to our next point.
You’ve certainly heard of this expression before. To put in simply it means free of charge. Yes, there is actually a possibility you can have a lawyer work your case without having to pay for it. There are a lot of things that come into play here. You may qualify for free legal service if your income is lower than the legally set poverty standard. Also, just like there are free clinics, there are places where you can get free legal aid.
However, it’s important to mention these places are often understaffed and ridiculously overworked, so the waiting list might be long but it’s still an option worth exploring if you can’t afford the attorney. Also, some firms might have a rule that requires their lawyers to work a portion of their cases pro bono, so that could also happen.
Cut down on expenses
Reviewing your budget is always the best option to find some extra spending money and if you’re filing for bankruptcy that is definitely something you might need. Go over your monthly or daily expenses and cut unnecessary ones. You’d be surprised at how much you can save by just cutting on snacks, take outs, dinners in restaurants or subscriptions you don’t even use. This is something an attorney can help you out with because you do have to submit the expenses to the court so you don’t want to cut too much.
Get a loan (but not from a bank)
It’s not the option you look forward to, but it might be the last resort. If you’re confident you can pay back the money, ask your friends or family for a loan (if they can afford it). Be cautious though, you don’t want to rack up your debt even more and get stuck in the loop of borrowing and paying back for your whole life.
Stop paying credit cards
Look at it this way. You could not pay for your mortgage or a car loan, but you’d lose the house or a car so you see why that’s not a good strategy. On the other hand, your credit card debt cannot be repossessed, so you can save some money by not paying the credit card bills and putting that money towards legal representation.
Bankruptcy isn’t an easy situation to be in, therefore, hopefully, we’ve been able to help in some way with this article.