If you are at the point in your life where bankruptcy seems to be looming over the horizon, hiring a Kentucky attorney may not be the first thing on your mind. You may think that getting legal advice is not an option if you are struggling to pay off your other debts.
However, when you declare bankruptcy, it gives you an opportunity to restructure all of your finances and work off a plan to pay off your debts, including the costs of an attorney. We at Smith, O-Toole & Brooke have even seen instances where creditors have overstepped their bounds in their collection efforts, and have ended up being forced to pay for the costs of debtors’ bankruptcy attorneys.
There are a lot of ways that working with a bankruptcy attorney can actually help you to save money in the long run. For example, when filing for bankruptcy, you will have to decide whether to go with Chapter 7 or Chapter 13. Plus, if you are considering filing for bankruptcy as a business owner, Chapter 11 bankruptcy becomes an option.
Once deciding on the type of bankruptcy to file under, you still need to work out a plan. Whether it is how to go about restructuring your business, deciding which assets to liquidate or just finding a way to keep your home, the advice of an experienced attorney can be invaluable.
Whatever path you choose to take should be one that is chosen carefully and from an informed perspective. If you need more information about what is involved in bankruptcy cases, you can find it on our website.