20 Jul What does a bankruptcy lawyer do for you?
Filing for bankruptcy, even in cases where it is the best path to follow, is no small feat or quick fix when it comes to taking control of debt. Many of us face financial setbacks in our lives and sometimes, the best way forward is to seek assistance from legal professionals. At Credit Rehab, our team of expert bankruptcy lawyers are available to provide you with legal and professional solutions, in order to achieve the best possible outcome.
Recent statistics show that in cases where a bankruptcy lawyer represented a client filing for Chapter 7 bankruptcy, success rates where over 90%, a huge leap from the 66% for individuals choosing to represent themselves. Individuals who represent themselves when choosing Chapter 13 bankruptcy (a more complicated route) are successful less than 3% of the time.
Chapter 7 bankruptcy, also referred a straight or liquidation bankruptcy, is the most common form of bankruptcy that usually eliminates most of a consumers unsecured debts – in order to qualify for this form of bankruptcy, there needs to be proof that your current monthly income is not enough to pay off the amount of debt that you are dealing with, so in essence your liabilities must largely exceed your assets and income. There also needs to be assets available to pay back about 20% to every rand borrowed to various creditors.
Chapter 13 bankruptcy is more suited to individuals who have a reliable monthly income and allows them to either pay off all or some of their debts through a new repayment plan, usually over 3 to 5 years, while also protecting the consumer from legal action.
Bankruptcy lawyers are equipped with the necessary tools and experience that it takes to navigate the legal system, prepare your case and provide sound advice. During the process, a bankruptcy lawyer will also protect your assets from debt collectors, while doing everything possible to guide you towards a financially independent life. A bankruptcy lawyer should be involved in your case from the get go, starting with determining if sequestration and bankruptcy are in your best interest. In some cases, your lawyer may recommend Debt Review or other Debt Management solutions instead – either way, when facing insurmountable debts, you are good hands with Credit Rehab.
For any South African consumer considering filing for bankruptcy, it is always better to do so with the professional guidance and support of a bankruptcy lawyer, which is where our team of legal and financial Credit Rehab professionals come in. After an initial consultation that allows a bankruptcy lawyer to review your case, our team will determine what type of bankruptcy is best for you, before getting started with the relevant paperwork and then representing you in court.
At Credit Rehab, our bankruptcy lawyer’s put years of experience, dedication and knowledge to good use when it comes to providing result driven financial services. Are you considering filing for bankruptcy? Check in with us today to arrange a consultation with one of our friendly and professional bankruptcy lawyers.