Bankruptcy Lawyer – Why You Need One

If you have come to the place where you cannot pay your bills and you need to file Chapter 7 or Chapter 13, you may be wondering whether or not a bankruptcy lawyer is truly necessary. After all, telling the world that you are out of money is not that complicated, right? So many people declare Chapter 7 or Chapter 13 each year that it should be fairly straightforward, or so you think. While there is no law that demands that you use an attorney, you will find that your situation is much better off if you do.

The laws surrounding this legal proceeding are quite complex at times. If you choose to file without legal representation, it is your responsibility to follow all of the codes and laws surrounding the process. Forgetting any aspect of filing or missing a piece of paperwork will not be overlooked by the courts, even if the mistake occurred because you are unfamiliar with the filing process.

Many aspects of the bankruptcy process have a strict deadlines. If you miss a deadline, your case will be denied, and you will be responsible for your debts. Working with a bankruptcy lawyer puts the pressure of meeting those deadlines on the shoulders of someone far more experienced with the process who has a legal team to handle the nitty gritty aspects of paperwork for you.

When you go through this process, your property is at stake. Many of your belongings will be sold to pay your creditors. An attorney is knowledgeable enough to ensure that any property that can be legally protected will be protected. Sometimes this is as simple as filing a paper, and other times it is more complicated, such as the way you classify your assets.

Again, protecting your property is something you could, in theory, do on your own without the help of a bankruptcy lawyer. However, if you make a move to try to protect your property, such as transferring a valuable asset to another family member right before you file, that the courts view as fraudulent or illegal, not only could you lose that property, but you also could lose your case and be denied court protection. Again, you will be far better off with the help of a qualified attorney.

You may be wondering whether or not you can afford the attorney’s fees. Many who file skip using an attorney because of the cost factor. While you are the only person who can answer this, keep in mind the value of your assets that may be at stake if you file without legal representation. Also, decide how vital it is for you to be able to succeed when you file. Weigh the value of these assets or the cost of failing in the filing process against the cost of the bankruptcy lawyer. You will likely find that using an attorney is a far better financial situation than putting your assets on the line.