Times can be tough for both individuals and businesses economically. In fact, according to Legal Jobs, 7,000 businesses had to make the decision to declare bankruptcy in 2021. If this sounds like your situation, don't try to declare bankruptcy without the assistance of seasoned bankruptcy attorneys. Here are just three reasons why this is an important step to take.

You Decrease Your Chances of Success

Statistics on Debt.org report that working with bankruptcy attorneys can help in both Chapter 7 and Chapter 13 filings. That's because such attorneys know how the system works and what documents are needed throughout the process. If you try to do it by yourself, then you run the risk of being denied and then facing even more debt and other repercussions.

You Run the Risk of Disaster

When it comes to bankruptcy, a lot of paperwork is involved. The last thing you want to do is run the risk of losing your home because you filed a Chapter 7 document incorrectly. A bankruptcy attorney would be able to spot a potential mistake a mile away and make the proper changes, so do yourself a favor and hire them right off the bat.

You Won't Know All Your Options

Trying to file for bankruptcy yourself without a solid understanding of the law can be like trying to juggle chainsaws blindfolded; you're bound to lose something. Attorneys can ensure you don't cause damage to yourself by guiding you through the whole process and shining a light on what you need to know.

You might be tempted to try to save money by not hiring any legal representative. However, unless you want to be in even more debt, you're best off having someone by your side in any negotiations or courtroom appearances. Look online to see which professionals are getting the best reviews; then, look into their availability.

Are you in a bankruptcy situation as either a creditor or debtor? Our bankruptcy attorneys can help you whether your family or your business needs to declare bankruptcy. Please contact Wendy M. Mead, Attorney today for a consultation. We offer years of experience in this legal area and are ready to assist you with the proper skills and knowledge.