Bankruptcy is no joke, and when your business is going through it, it can be very difficult to handle on your own. This is why it can be very beneficial to hire a legal team to help you out. Investing a bankruptcy lawyer definitely, has its perks, and can help you get out of this difficult situation.
While choosing to hire a bankruptcy attorney might be a big investment, in the end, it can save your company. Here are three reasons why it’s smart to hire a legal team when you are in this situation and need to file a Chapter 7 bankruptcy claim.
1. The success rate is higher
The chances of having a successful Chapter 7 bankruptcy claim with a lawyer on your side is a good 95 percent. That means you have almost a 100 percent chance that your claim will be successful if you decide to invest in a bankruptcy lawyer. While you can try and file the bankruptcy claim yourself, your chances of it actually succeeding will plummet. Hiring a legal team can make you feel more confident and give you a better chance at having the chance to save your business and not lose everything you have worked for.
2. It’s an expensive investment
The cost of filing a chapter 7 case can cost anywhere from $1,500 to $3,000, with a lawyer. Otherwise, filing a Chapter 7 bankruptcy case can cost an individual about $350-$450, but the success rate of filing on your own is very low. While the price definitely skyrockets when you choose to bring in a legal team, it ups your chances to almost 100 percent. A 95 percent doesn’t guarantee that you will have a successful case, however, it’s much closer than the chances you would have if you did it as an individual. If saving your business really means a lot to you and you fear what situation you might be in if you lose the case, it is best to invest in a bankruptcy lawyer who can help you succeed in the filing.
3. Make sure your lawyer genuinely cares
There are too many lawyers out there who simply work quickly through these bankruptcy cases with little regard for how they turn out for the individual. Your business means a lot to you, and it is important to choose a lawyer who has been handling bankruptcy cases for a while and knows how to take them on. Otherwise, you can get caught in a “mill,” a term used to refer to groups that do shady legal work and don’t take client bankruptcy cases seriously.
It’s definitely a worthy investment to choose a bankruptcy attorney when you need to file a Chapter 7 bankruptcy claim. If you really want to see it succeed, a legal team can help you.