Many people see all the information online about filing bankruptcy and feel they can go through the process without the cost of an attorney. In order to file bankruptcy yourself, you will need to have all proper paperwork, contact information for all creditors and an understanding of bankruptcy law. Debtors are often in dire straits financially when they decide to liquidate assets (Chapter 7) or place all debts on a payment plan (Chapter 13). Being financially unable to pay bills may leave the debtor wondering how they will afford legal representation, but deciding to file bankruptcy yourself may lead to consequences that can further harm credit scores and leave the debtor with no home, no cars and no protection against the bankruptcy court.
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In the United States, some states require credit counseling to be completed before any paperwork can be filed with the court. During this time, attorneys will work with you to control debt and collect all relevant papers needed to make proceedings as smooth as possible. Once proof of counseling is submitted to the court system and the attorney, paperwork can be started. Once all debts are collected and reviewed by the attorney, you can decide between a Chapter 7 and Chapter 13 bankruptcy. Often, debtors feel Chapter 7 is the only choice, but Chapter 13 can be just as affordable and may leave a lighter mark on credit ratings if filed and discharged properly. Just because you cannot pay the bills you have does not mean the total payment will be the same. Reductions in overall bill debt are common when handled by an attorney. This is another reason not to file bankruptcy yourself.
Before choosing to file bankruptcy yourself, ask a few questions.
What is a means test?
How long does it take to discharge a bankruptcy?
What is a Summary of Schedules?
What is a Schedule D, E or F?
If you cannot answer these questions without looking up information from the Internet, you are probably not ready to file bankruptcy yourself. These pieces of paperwork are just a small part of the filing process. Lawyers and professionals understand how to work with the court to make the process of discharging debt as quick and painless as possible. There are few people who are knowledgeable enough about law to handle an immediate or emergency request for filing from the court and one mistake can lead to debts not being discharged or the bankruptcy being drawn out over months and months.
Getting rid of that painful feeling when the phone rings can be a quick and easy process. Debt that is riding over your head can be discharged and the price of an attorney to handle the case is nothing compared to the effect on your personal life if bankruptcy proceedings go wrong. While you can file bankruptcy yourself, why risk the potential negative outcome to save a few dollars.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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