4 Things that People Don’t Tell You about Filing for Bankruptcy without Hiring an Attorney
Filing for bankruptcy seems like the only way out for people that are caught up in a financial crisis. Once you realize you are not able to pay your pending debts, you can opt to hire a lawyer to file a bankruptcy petition on your behalf or handle the paperwork on your own. While the process sounds like a simple one, there are so many things that could go wrong when you fail to involve an attorney. Continue reading below and learn why hiring a bankruptcy attorney is your surest bet when you want a smooth transition out of debt.
You will make uninformed Decisions
This is actually a no brainer. When you decide to file for bankruptcy on your own, it’s obvious you will end up making choices that will come to haunt you later. For a start, there are two common categories of bankruptcy; chapter 7 and chapter 13. Chapter 7 is ideal for people that want to clear their debt much faster. The downside is that you will not be left with any tangible assets because they will be sold to generate money for clearing the debts.
If you opt for chapter 13, you will be able to spare your home, pensions and tools of the trade. You will also be required to continue paying the debt every month. If it’s your first time to file for bankruptcy, you may not understand these terms. When you hire a professional like bankruptcy lawyer David Offen, your financial situation will be assessed to determine the best possible solution. This will save you from the trouble of regrets that come after you have failed to protect your interests when filing for bankruptcy.
Your Petition will have Many Errors
There is usually a lot of paperwork that is involved in preparing a petition for bankruptcy. You must first prepare financial statements that indicate that your earnings are no longer able to sustain you and your dependants. And that’s not all. You have to enclose documents for everything that you own. The list of documents that are required is actually endless. Handling such complex paperwork on your own increases the chances of your petition being declined. Lest you forget, all petitions are screened for consistency of information. If your details don’t add up, you can be sure that your petition will not go through. When you work with a lawyer he/she can confirm that you have filled the forms correctly and none of the details are missing.
Creditors will be on your Neck
One of the things that people will not tell you is that you will be constantly harassed by debt collection agents that work for your creditors. This happens when your creditors find out that you are handling your bankruptcy issue on your own. They will call you at odd hours and invade your home without following proper procedure. The worst is that they will attempt to confiscate your valuables and assets. Hiring a lawyer on the other hand helps in calming the situation. The first thing your lawyer does is to schedule a meeting with all your creditors and let them know that the problem will be solved amicably. Since lawyers are authoritative, your creditors will have no option but to wait for your bankruptcy to be approved.
Your Peace of Mind is at Stake
Your peace of mind can’t be guaranteed when you handle a bankruptcy petition on your own. For a start, you will not be able to think clearly because you will keep thinking about the consequences that will follow after your petition is approved. Besides that, there are so many offices that you will need to visit to obtain the necessary documents that are needed for the petition. When you hire a lawyer, you get relief from stress that comes from handling a lot of paperwork, which leaves you with time for focusing on other important areas of your life.