Why a Solicitor Is Crucial When Facing Bankruptcy

Posted on: 18 August 2016

Tough financial times can creep up on you unexpectedly. Maybe you lost a spouse who was the sole income earner, or perhaps you lost your job and found it difficult to get a new one. When the burden becomes too much to bear, it is not uncommon to find that filing for bankruptcy may be your only solution out of your insurmountable debt. However, a mistake some people make when they are contemplating this route is forgoing hiring a lawyer. The main reason for this tends to be trying to avoid lawyer fees as they already are facing tough financial times. The truth though is you could be doing more harm to your case by going at it alone then having a bankruptcy solicitor on your side. Here are some of the reasons why a solicitor is crucial when facing bankruptcy.

A bankruptcy solicitor could keep the roof over your head

When you have a mortgage and begin missing your payments, the first thing that the bank will try to do is foreclose your home. This way, they get a chance to recoup the money that they lent you as soon as they can. When you are in financial trouble and begin to miss your mortgage payments, the first thing that you should do is get in touch with a bankruptcy lawyer. This should be done even before you file for bankruptcy if you hope to save your home. The solicitor can look for ways to try to keep your home from being foreclosed as you embark on filing for bankruptcy. Waiting until the bank has taken ownership of your home to get in touch with a bankruptcy solicitor may not do much good for your financial situation.

A bankruptcy solicitor can prevent creditor harassment

Another aspect of generating a lot of debt is having to contend with incessant calls and notifications from your creditors. You have to keep in mind that bill collectors are simply doing their job. As such, they will pursue you with vigour as it also means they are paid a commission on the money they collect for the creditors. However, this can prove to be quite daunting and can even deal a blow to your emotional health. It is not uncommon to find people in heavy debt suffering from anxiety, insomnia and more. If you would like to get your creditors off your back, you should enlist the services of a bankruptcy solicitor. Once the filing for bankruptcy is in motion, your solicitor can inform your creditors to cease harassing you.


Selling my house to the kids

I am getting older and the family house is a bit too much for me these days. My daughter has offered to buy the family house from me and will let me continue to live in the granny flat. I want to make sure it's all legal and doesn't impact on my arrangements in my will. I know that there are a lot of older people in the same position as me: looking to keep the house in the family, seeking extra cash, and trying to avoid legal issues later. This blog has the tips on how to make sure the arrangement is legal and suits everyone.