The Importance of Having a Lawyer When Filing Personal Bankruptcy

It's safe to say the economic boon we had not so long ago put a buying mindset into many of us. Home values went up, mortgage rates seemed suspect but they were working, technology seemed to be creating many new jobs and niches, and jobs themselves were to be had. As this is written, we are overcoming a major economic fall, one of the worst in the past 30 years, some comparing it even to the Great Depression.

It's getting better again, and this time we don't have to make the same mistakes. However, many are in over their heads. Many have homes, cars, other properties, and much debt they simply have no way of paying. That's where bankruptcy comes in. Bankruptcy is a solution with some benefits during tough economic times; it's like a "get out of jail free" card.

Just as you would not file for your very own mortgage, just as you would let the doctor look at the broken bone, just as you know you cannot do what a dentist does, an experienced personal bankruptcy lawyer is important because he can do what you cannot. And more so in economic periods where time is money, and debts are growing. If you can just discharge your debt quickly, you can get a fresh start.

A fresh start is exactly what filing Chapter 7 bankruptcy is all about. Having a lawyer help you is quite important, where your ability to discharge debt depends on your lawyer's knowledge of the laws, experience with creditors and experience in court, and availability to focus on your case.

Fresh starts come somewhat slower when you file for Chapter 13 bankruptcy, which is essentially a debt repayment plan where you pay some, sometimes all, of your debts back. It's a fresh start too, but after several years time. Having an experienced bankruptcy lawyer can save you in a big way. With Chapter 13, you can keep all those assets you bought during our boom years, hold onto your home until values start to increase, and manage your bills better with what income you have.

It should also be said that having an experienced lawyer is important, not the one you are referred to because he or she charges a fraction what others do. Why would they spend little to no time on your case? Because the lawyer takes on twice as many cases as others, or does bankruptcy law as a side profession. You need a specialist in bankruptcy law, namely for your specific state, and one with the time to actually educate you on this process and your options.

The importance of a lawyer for a successful personal bankruptcy discharge gets talked about a lot online. It's a very important field in tough economic times. As job growth continues and markets rebound, remember your safety net is not only bankruptcy, but the lawyer who can help you file.

Jacob Malewitz is a professional writer specializing in informing readers on law topics for many top sites and blogs. For Chapter 7 and 13 bankruptcy help in New York, Nevada, and California, he recommends http://www.PriceLawGroup.com.