When your deeply in debt, whether its due to medical bills, a divorce, or loss of employment, filing for bankruptcy can give you a second chance. However, filing for bankruptcy is not a simple or easy process. A person is technically allowed to file for bankruptcy on their own, but it is highly recommended to hire an experienced and reputable bankruptcy lawyer. There are many reasons to have a lawyer while filing for bankruptcy, such as:
Understanding Bankruptcy Laws
Having a deep understanding of current bankruptcy laws is essential when filing for bankruptcy. Most people are not aware of all of the bankruptcy laws on the books, which can cause problems when a person tries to file for bankruptcy on their own. When you hire a bankruptcy lawyer, you will have the peace of mind of knowing that all bankruptcy laws will be followed during the process of filing for bankruptcy.
Determining What Chapter to File For
Individuals can file for either chapter 7 or chapter 13 bankruptcy. With chapter 7 bankruptcy, debts are discharged when the bankruptcy is finalized. In a chapter 13 bankruptcy, a person enters into a payment plan with their creditors. It can be difficult to determine whether you qualify for chapter 7 bankruptcy without the assistance of a lawyer. Your lawyer will review your financial situation and help you file for the chapter of bankruptcy that is best suited to your situation.
Prevent Bankruptcy Fraud
Committing bankruptcy fraud can lead to your bankruptcy case being dismissed and you could face legal problems. Most people don't commit bankruptcy fraud on purpose-- in many cases, it happens when a person doesn't have a lawyer and ends up listing assets incorrectly, files for bankruptcy at the wrong time, or does not disclose assets that have been bequeathed to them but have not been received at the time of filing. The easiest way to prevent bankruptcy fraud and the headache it brings is to hire an experienced bankruptcy lawyer.
Complete the Bankruptcy Filing in a Timely Manner
Living in debt can be extremely stressful, and most people want their bankruptcy to be finalized as quickly as possible. If you try to handle your bankruptcy on your own, the process can drag out while you figure out which forms need to be submitted and what documents the court needs. If you want your bankruptcy to be processed as quickly as possible, it is in your best interest to hire a bankruptcy lawyer who can expedite the process for you.
Contact a lawyer like O'Connor Mikita & Davidson LLC for more information and assistance.