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If you are considering filing for bankruptcy, you should hire an experienced bankruptcy lawyer to help you manage the process. Bankruptcy laws are incredibly complex. A lawyer will make declaring bankruptcy easier, faster, and more successful.

Although you are allowed to file for bankruptcy yourself, it is often an expensive mistake. In this article, you will learn ten reasons why you should hire a bankruptcy lawyer.

10 Benefits of Hiring a Bankruptcy Lawyer

1) Hiring a lawyer increases your chances of successfully eliminating debt. An annual report published by the United States Bankruptcy Court for the Central District of California shows that individuals representing themselves (pro se) have a significantly lower bankruptcy success rate than individuals represented by a lawyer. In the case of Chapter 13 Bankruptcy, debtors represented by a lawyer are more than ten times more likely to reach a successful outcome than individuals representing themselves.

2) A lawyer can help you decide if bankruptcy is the right option for you. It is essential to evaluate and understand all of the options available to you when you are facing overwhelming debt. While it may seem like bankruptcy is your only choice, a lawyer may have a better solution for managing your debt without declaring bankruptcy.

3) You don’t know which bankruptcy option is best for your situation. An experienced bankruptcy lawyer will review your financial situation and explain your bankruptcy options. In Wisconsin, the two most common types of personal bankruptcy are a Chapter 7 Bankruptcy and a Chapter 13 Bankruptcy. Wynn at Law, LLC’s lawyers can help you identify which type best fits your current situation and guide you through the entire process. 

4) A bankruptcy lawyer will help eliminate all eligible debts. A bankruptcy lawyer will know which debts can be discharged and the best type of bankruptcy to use to discharge your debt. For example, a lawyer can identify and eliminate debts beyond the statute of limitations for collections. You will also save money by fully discharging your obligations and not having lingering debts after completing your bankruptcy. 

5) Experience is crucial to success. Do you know the U.S. Bankruptcy Code? Do you know Wisconsin District Courts’ bankruptcy laws? Do you know what property is exempt from bankruptcy? Filing for bankruptcy requires knowledge of the federal code and local case law. An experienced bankruptcy lawyer has worked on hundreds of cases and understands the intricate details of the process. A bankruptcy lawyer will be familiar with current laws, courtroom procedures, the bankruptcy filing process, and filing timeframes.

6) Hiring a lawyer saves you time. Hiring a lawyer saves you countless hours, as you no longer have to spend your time researching and reviewing bankruptcy information. In some cases, a lawyer can identify shortcuts and smooth out the scheduling process. Wynn at Law, LLC’s bankruptcy lawyers will guide you through the complicated procedures and keep you informed at every stage. 

7) You don’t have to handle the paperwork. Filing for bankruptcy requires accurate, detailed, and timely paperwork. It is crucial to have precise information and sufficient supporting documentation. While much of the information will come from you, a lawyer can help you complete the paperwork and provide legal advice on your disclosures, valuing assets, income, and expenses.

8) Lawyers have an established relationship with the bankruptcy court, judges, and trustees. A bankruptcy lawyer has gone through this before; they are familiar with bankruptcy courtroom etiquette. Lawyers have already built relationships with the people involved in the process, making communication easier for you. When the trustee asks for additional information or details, your bankruptcy lawyer will be prepared.

9) You get protection from harassment by creditors and collection agencies. Once you hire a bankruptcy lawyer, harassing phone calls from creditors will stop. Once a lawyer represents you, you can inform creditors or debt collectors and force their phone calls and letters to go through your lawyer instead. After you officially file, an automatic stay will be granted, which legally extends your harassment relief.

10) Lawyers offer you peace of mind and protection from uncertainty. Peace of mind goes a long way. You won’t have to worry about mistakes, losing your assets, or preparing for a court appearance. Your bankruptcy lawyer will advise you on what will happen ahead of time, complete your paperwork correctly, and sit by your side in creditor meetings or court. It is your lawyer’s responsibility to fight for the best outcome for you and protect your rights.

Do I Need a Bankruptcy Lawyer?

The logistics of bankruptcy paperwork, credit reporting bureaucracy, and collection agencies’ tactics can be challenging to manage without a lawyer. While you do not need a lawyer to file for bankruptcy – it is strongly recommended. 

Are you still considering filing without an attorney, even after reviewing the list of reasons you should hire a bankruptcy lawyer? If so, you should understand some of the risks of representing yourself (pro se representation) when filing for bankruptcy.

The Risks of Filing Bankruptcy Without a Bankruptcy Lawyer

One little mistake could cost you everything. If you file incorrectly or the filing is incomplete, the bankruptcy judge could throw out your case. If that happens, you may not be able to refile for any type of bankruptcy in the near future or if you can refile, you may lose protection from creditors taking action against you. Incorrectly listing assets could cost you not only your debt being discharged, but you could lose the possessions you sought to protect. Bankruptcy lawyers know how to protect your assets and successfully lead you through the process.

Mistakes could mean criminal charges for fraud or perjury. Committing fraud in a bankruptcy case can land you in jail. You cannot hide assets or income from the bankruptcy trustee or judge (even those that you haven’t received yet). Do you know the law well enough to avoid this serious situation? Did you sign over a vehicle, deed property, gift money, or other assets to a friend or relative? A bankruptcy lawyer will help you file your petition and truthfully list your assets in a way that protects you from criminal charges. 

You may end up paying more of your debt. When communications between the bankruptcy trustee and your creditors occur, can you respond without negatively impacting your bankruptcy discharge? If a creditor files a lawsuit or contests your discharge of debt – how will you respond? A bankruptcy lawyer can protect your interests, effectively communicate with all parties involved, and save you money in negotiating with creditors.

Get a Free Consultation with a Wisconsin Bankruptcy Lawyer

Meeting with a bankruptcy lawyer in the early stages of financial difficulty can allow you to explore all of your debt relief options. If you can’t make regular payments on your existing debt, filing for bankruptcy may be a solution. Wynn at Law, LLC’s lawyers will meet with you to discuss your financial situation and help you determine if bankruptcy is right for you.

Contact Wynn at Law, LLC for a free bankruptcy consultation: 262-725-0175

Wynn at Law, LLC has law offices in Lake Geneva, WI, Delavan, WI, and Salem Lakes, WI. Our lawyers provide legal advice and representation to residents throughout Southeastern Wisconsin. We are a debt relief agency that can help individuals or couples file for bankruptcy relief under the U.S. Bankruptcy Code. Filing for bankruptcy is an intricate legal process. The federal court in the Eastern District of Wisconsin oversees bankruptcy cases for residents of Walworth County, Racine County, and Kenosha County.

The post Why Should I Hire a Bankruptcy Lawyer? appeared first on Wynn at Law, LLC.

A bankruptcy filing is a legal procedure that can reduce, reorganize, or wipe-out your debts. Some people attempt to file for insolvency on their own. However, getting the service of a bankruptcy attorney will allow you to file for bankruptcy minus the stress. It would help you enjoy bankruptcy protection through the automatic stay. After declaring bankruptcy, a bankruptcy trustee would be appointed to handle bankruptcy filings.
What is a Bankruptcy Trustee?
Bankruptcy trustees manage payments to each creditor (or debt collector) and liquidation of non-exempt assets of the debtor. Normally, a meeting of creditors is held after filing a bankruptcy petition. Following the bankruptcy law, you are expected to attend the said proceeding (together with the trustee and creditors who wish to attend).
Questions regarding your bankruptcy case and the paperwork you submitted may be asked by the trustee. Trustees also assess if your debts may be discharged or if there are properties that may be liquidated for you to pay your debts.
What are the Reaffirmation Agreements?
When filing a bankruptcy Chapter 7, a reaffirmation agreement may be filed to maintain an asset associated with a secured debt. (You must be certain that you are financially eligible to pay off the said loans). This is another reason why bankruptcy attorneys are necessary when you file bankruptcy. They can give you legal advice and help you decide whether to sign the reaffirmation agreements or not. 
How do Bankruptcy Proceedings Work?
Bankruptcy laws are unique, and so are bankruptcy cases. Unlike other legal cases, you are likely not allowed in the courtroom during the bankruptcy proceeding. Discussions will be held with the trustee, creditors, and bankruptcy lawyer. If creditors opt to file an adversarial claim, you may be required to appear in the bankruptcy hearing (especially for a repayment plan under a Chapter 13 bankruptcy type).
What is a Bankruptcy Discharge?
This largely depends on the bankruptcy chapter you opted for. In Chapter 7, once the trustee reports that there are no non-exempt properties or assets after you receive the discharge, the bankruptcy case will be dismissed. There will be no more interaction with the bankruptcy court and trustee. However, if the trustee learns that non-exempt assets exist, he or she will proceed to negotiate with lenders or creditors. 
Under the bankruptcy code, if you file a Chapter 13 Bankruptcy, your case will be closed shortly after making your final payments. The discharge will be granted, the final disbursements will be made by the trustee to your debtors, and after the trustee’s final report, the case will be closed.
What are the Consequences of Filing Bankruptcy?
These may vary, depending on the type of bankruptcy you opted for (say, reorganization or liquidation) and your approved payment plan if any. While your economic status could eventually improve, securing credit and a greater amount of loans could be difficult after filing bankruptcy. Being financially responsible, however, can help improve your credit scores a few months after you filed bankruptcy.
Will my Credit Scores Still Improve After Bankruptcy?
If you filed for bankruptcy, the case will appear on your credit report. Both Chapter 7 and 13 bankruptcies may reduce your credit score. However, filing for bankruptcy under Chapter 7 will stay on your credit report longer than under Chapter 13.
Learning how to file a personal bankruptcy case can be difficult. Hire the best bankruptcy lawyers to help you file your bankruptcy petition and fill-out bankruptcy forms correctly. For questions regarding the bankruptcy process, consult Northwest Debt Relief Law Firm.
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 https://patch.com/new-york/new-york-city/nyc-comptroller-backs-proposed-taxi-driver-bailout-programOriginally appeared on the Patch.com  New York City Comptroller Scott Stronger has backed a proposal that would bail out taxi drivers burdened with exorbitant debt owed on medallions and worsened by the coronavirus pandemic. (Courtesy of Tim Lee)NEW YORK CITY — New York City Comptroller and mayoral hopeful Scott Stringer has put his weight behind a proposal from the New York Taxi Workers Alliance that aims to bail out thousands of taxi drivers drowning in medallion debt amid the coronavirus pandemic. The plan would write down outstanding loans on medallions to $125,000 and offer up funds to ensure drivers in default can sell a medallion and recuperate all or part of its cost, Stringer announced at a news conference on Thursday. The plan would also reduce the interest on outstanding loans for medallions taxi and offer drivers a way out of the industry without landing in a financial sinkhole, he said. "For decades, driving a cab in New York City was a road to the middle class for immigrants from around the world," Stringer said in a news conference. "But today, the medallion that once promised prosperity and stability is now a financial sinkhole." Should a driver default on a medallion, the city would take back the medallion and place a minimum bid equivalent to the amount owed on it before offering it for sale on the free market, guaranteeing purchase of any medallions that borrowers default on. The taxi workers alliance estimates the plan could cost the city up to $75 million, a rather small amount compared to the $810 million lawsuit Attorney General Letita James filed against the city in February for inflating the value of medallions. The proposal also calls for monthly loan payments to be capped at less than $800 and for interest rates to be kept at or below 4 percent.
New York Taxi Workers Alliance executive director Bhairavi Desai said the bailout is the last chance the industry has to weather the pandemic, which has drastically decreased ridership and left cab drivers in a financial lurch for months. "It is the only way drivers, the yellow cab industry is going to survive," Desai said. Ricardo Lopez, who has driven taxis for 40 years in New York City, said he is hopeful the plan goes through. He is facing bankruptcy as he works to continue making payments on his medallion. "I paid $60,000 [for my medallion] 40 years ago and have been paying on and off until today," Lopez said. "We are in bankruptcy, literally. If I don't get any help directly, I'm going to go out of this business soon because I can't afford it anymore. The streets are empty." Taxi drivers in New York City watched their fares dry up as the coronavirus pandemic gave way to stay-at-home orders and business closures earlier this year. Although ridership has been on a steady increase since the city ground to a standstill in March and April, taxi industry revenue remains down some 81 percent from where it was in 2019, the New York Times reports. Ridership was also down by about 70 percent in September compared to the year prior. Stringer said while the proposal cannot increase ridership in the face of a pandemic, it can right a wrong and save New York City families staring down the barrel of financial ruin. "Predatory lenders took drivers for a ride and left families in a wreckage of financial distress and despair," Stringer said. "We have a fiscal and moral obligation to make this right—and embracing this plan is a start."   

https://www.nytimes.com/2020/11/12/nyregion/nyc-taxi-drivers-coronavirus.html Originally appeared on  The New York TimesWhile some businesses have adapted to virus restrictions, the yellow cab industry is especially suffering. In September, an average of 3,257 yellow cabs and 575 green cabs operated each day, according to city data. In both cases, that was about 70 percent lower than in September 2019.Credit...Karsten Moran for The New York Times
Before the coronavirus arrived in New York, yellow taxis were an enduring symbol of the city’s hustle, crowding the streets of Midtown Manhattan, ferrying passengers to airports and carrying tourists to boutique hotels. But eight months into the pandemic, the industry lies almost entirely crippled.Revenue for the taxi industry is down 81 percent over the same period a year ago, according to the latest city data. That is better than in the worst days of the pandemic in March and April — but not by much.Even as some parts of city life have returned, reliable sources of taxi passengers have not. Offices, especially in Midtown, are closed. Tourism is virtually nonexistent, and the airports are mostly empty.“I can’t hold on, not like this,” said Vinod Malhotra, who owns his cab and has driven for 27 years through terrorist attacks, natural disasters and economic calamities. He made it through the pandemic’s peak in New York, too, but as the crisis slogs on, he is on the brink of bankruptcy. “I can make it maybe one more month, maybe two.”Ride-hailing companies, such as Uber and Lyft, also took a hit when the city largely shut down in the spring. But they have bounced back more quickly. Revenue is now about a third lower than last year, and the chief executive of Uber, Dara Khosrowshahi, said last week on a call with investors that city ridership outside of commuting hours had returned to normal.Bruce Schaller, a former city transportation official, said customers might be using taxis less because they believed they were more of a health risk, even though that was not the case.“I think taxis feel like more of a public space than an Uber car or Lyft car,” he said.Almost all drivers in every sector stopped working altogether during the peak, city data shows, in part because of the possibility of getting sick on the job, a threat that was magnified by the deaths of dozens of drivers. In a recent survey by the New York Taxi Workers Alliance, nearly half of drivers said either they or someone in their home had contracted the virus.While many drivers were out of work, they relied on the federal government’s enhanced unemployment program, which paid $600 a week in addition to state benefits.But those federal benefits ended over the summer, as did some other programs that kept cabdrivers afloat, including initiatives that paid taxi drivers meals to homes and provide rides for essential workers during overnight subway closures.Aloysee Heredia Jarmoszuk, the head of the city Taxi and Limousine Commission, which oversees yellow cabs and ride-hailing companies, said the industry was steadily recovering, albeit slowly. “The pandemic hit for-hire transportation hard, but every month since March has seen increases in trips across all segments,” she said.Still, drivers of both yellow cabs and the green cabs that operate outside of Manhattan have been reluctant to return to work. In September, an average of 3,257 yellow cabs and 575 green cabs operated each day, according to city data. In both cases, that was about 70 percent lower than in September 2019.Several fleet owners said they had called drivers to beg them to return. Some offered discounts letting drivers rent out cabs for half the normal rate, or less. Recently, they said, drivers have begun returning.Drivers who own their own cabs have returned even more slowly.“My job isn’t safe. I don’t know who has had the Covid, and there are no customers anyway,” said Andrew Chen, 53, an immigrant from Burma, now Myanmar, who has owned his own cab since 2006. “So I just stay home.”Now, a knockout punch may be coming for those drivers, who bought the city permits called medallions that allow them to own and operate a cab.As The New York Times has reported, hundreds of drivers were already squeezed before the pandemic after being channeled into large, exploitative loans they could not afford in order to buy their medallion. Lenders suspended collections for months during the worst of the virus, but some have started to demand payments.“People talk about the state of the taxi industry the same way they talk about the election: ‘This is the existential moment.’ But this time, it really is,” said Bhairavi Desai, who has represented drivers since the 1990s as the head of the Taxi Workers Alliance. “It really is.” Bhairavi Desai, the head of the New York Taxi Workers Alliance, was planning to announce a new proposal to help cabdrivers.Credit...Amr Alfiky/The New York TimesIn January, a city task force proposed a $500 million bailout for drivers in loans. In February, the New York State attorney general, Letitia A. James, said her office would sue the city for $810 million and use the money to compensate drivers.That momentum evaporated as the virus exploded across the city.On Thursday, Ms. Desai plans to unveil a proposal that could eliminate hundreds of millions of dollars owed by medallion owners and would cost the city a maximum of $75 million, much less than in previous plans.Under the proposal, lenders would agree to reduce the amount owed by each borrower to $125,000, repaid over 20 years with a 4 percent interest rate. That structure would lower monthly payments to under $800. In return, lenders would receive a guarantee that the city would pay for any medallion loan that fails because of nonpayment, an assurance that experts say could win over lenders.The plan is supported by Scott M. Stringer, the city comptroller and mayoral candidate. He said in a statement it could actually save taxpayer money by protecting the city from the attorney general’s lawsuit.“This breakthrough proposal offers a responsible and necessary approach to relieve crushing debt for drivers and reduce ballooning costs for taxpayers,” he said.City Council Speaker Corey Johnson, who has previously supported a bailout, said the Council would review the proposal but suggested that the city, whose budget has been decimated by the pandemic, may not be able to pay for a rescue package on its own. A spokesman for Mayor Bill de Blasio pointed out that the mayor has said the federal government should fund any bailout.Several lenders who would have to agree to the deal declined to comment. They have denied wrongdoing, blaming the industry’s problems on Uber and Lyft.The largest holder of loans now is Marblegate Asset Management, a private equity firm that bought thousands of them earlier this year. It has not collected payments during the pandemic, a spokesman said, and has voluntarily forgiven $70 million in debt.Mr. Malhotra, the cabdriver, emigrated to New York from India in the early 1990s and bought his medallion in 2011 for $640,000. He now owes Marblegate about $435,000, he said.He still drives 12 hours a day, six days a week, he said, but lately has had to wait longer and longer between customers. He is barely making enough to support his wife and three children, and he cannot make loan payments. He fears getting a call from his lender.He said he might have to file for bankruptcy and surrender his medallion to a large fleet. Others are in the same situation. If nothing happens soon, he said, the city could lose an entire generation of cabby owner-drivers.“We need help, and nobody is helping,” he said. “So day by day, it will go more down. And then it will just be gone.”