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Can the cost of an attorney for personal bankruptcy be justified?

When a New Jersey consumer's financial stability is compromised by unanticipated occurrences, such as loss of employment or substantial medical expenses, various options are typically considered. Personal bankruptcy is one option that may seem drastic but offers the best protection. It is not uncommon for people to wonder why they should use some of their limited financial resources to pay for the services of a bankruptcy attorney.

What they may not realize is that there are benefits to having professional guidance through the intricacies of bankruptcy filings. Not having all the necessary information can lead to uninformed decisions. In some cases, the client's primary debts may be those that are not dischargeable in bankruptcy. A lawyer can assess the circumstances and suggest other debt relief options that may be more effective under the circumstances. However, if bankruptcy is a suitable choice, the attorney can help determine which chapter will be an appropriate option.

Once that is determined, a lawyer can handle the masses of legal paperwork that is required, along with the different petitions and forms that must be filled out. Unintentional mistakes can have devastating consequences. A lawyer can also make sure all declarations are accurate, as false declarations can be seen as fraud. Criminal charges can then follow, and this can make the client's financial situation even worse.

Once the documents are filed, an experienced New Jersey bankruptcy attorney can represent the client in court. He or she can handle negotiations with the creditors and help to work out an affordable repayment plan if a Chapter 13 bankruptcy is filed. A lawyer can continue to guide and support a personal bankruptcy filer to assure compliance with the terms. Furthermore, legal counsel can protect a client from creditor harassment when creditors try to collect debts that were discharged in bankruptcy.

Source: FindLaw, "5 Things a Bankruptcy Lawyer Can Do (That You Probably Can't)", Daniel Taylor, Accessed on Oct. 22, 2016

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  • NACA | National Association of Consumer Advocates
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Goldman & Beslow, LLC

Goldman & Beslow, LLC is a Federal Debt Relief Agency by an Act of Congress. We have proudly assisted consumers seeking relief under the U.S. Bankruptcy Code for over 38 years.

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East Orange, NJ 07017
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