Why Should You Not Proceed To File For Bankruptcy Without A Bankruptcy Lawyer?

Why Should You Not Proceed To File For Bankruptcy Without A Bankruptcy Lawyer?

If you are considering filing bankruptcy, you have all the right to go ahead without hiring a lawyer. And, if your case happens to be not-so-complex, representing yourself will save you the lawyer’s fees. It’s, however, not always a wise decision. If your Chapter 7 case takes in high-prized assets, or if your case demands for Chapter 13 bankruptcy, to file without a lawyer might cost you more than what you’d have saved going alone.

How a Bankruptcy Attorney Is Worth Each Dime The most significant benefit of hiring an attorney is that a professional lawyer has the eyes and brains to recognize the potential hitches that could cause failures in the process of filing, and then taking it forward. Below is a sampling of the value a bankruptcy attorney can bring up to the table.

Planning: An attorney will always look for an alternative to the bankruptcy and guide you accordingly because bankruptcy is often filed when it’s the last resort. Following an informed decision making, and if bankruptcy is found to be the only last resort, your case is taken.

Chapter 7 and Chapter 13 bankruptcies aim to accomplish different objectives, which means they serve different grounds. For example – Chapter 7 bankruptcy annihilates several debts over a short course of time; it, however, doesn’t help save assets if you’re behind on mortgage payments. Your wants and needs would be carefully considered so that you can achieve your goals.

The Preparation: You’re put through the Means Test. The Means Test result will determine whether or not you qualify to file for Chapter 7 bankruptcy, or if you could afford to put your case through the Chapter 13 bankruptcy.

A lawyer will always find the smartest way of using particular circumstances while representing your case.

Your assets are valued. You might be owning a dining set that costs thousands of dollars in the current market, but how do you estimate it? Your attorney knows how to do the valuation of individual possessions. They will calculate the real price of it and make a good deal out of it on your behalf.

Choose and put in exemptions. Each state has its exemption order for assets to be treated during bankruptcy. Your lawyer is experienced in identifying a possible use of the exemption rules, so your assets are protected.

Determine debts discharges. In Chapter 7 bankruptcy, not all your debts are wiped out. You get rid of only those debts that meet certain conditions. Your lawyer tells you which debts can be discharged and which ones will subsist the case.

During the Bankruptcy:      

Your attorney completes paperwork and other schedules.

They’ll guide you throughout the process.

Offer accurate and complete testimony until the case is closed.

They also deal with the creditors who happen to breach the automatic stay order.

Interact and negotiate with the creditors.

They can also amend a Chapter 13 repayment plan, if needed urgently.

Recovery Law Group is one of the largest and widely trusted consumer protection law firms. Having served a wide-ranging base of businesses and individuals both, with their customized bankruptcy solutions, Recovery Law Group makes an ideal choice if you’re considering filing bankruptcy.

Attorneys at Recovery Law Group will immediately let you know if they can be of any help in your case, post a thorough discussion and consultation. To book an appointment for free bankruptcy consultation, call us at 888-297-6203