You can file for bankruptcy on your own if the situation arises. But you are better off hiring a lawyer for these types of cases. Bankruptcy can be intimidating as it involves state and federal law, among other complicated matters.
If you do it on your own, the chances are that you will mess up the process. If you are still not yet convinced about the idea of hiring a bankruptcy lawyer, you need to read on. You will find some of the crucial reasons why hiring a bankruptcy lawyer is a great idea.
1. Assess Your Finances
The first thing that any good bankruptcy attorney should do is be able to examine your finances. They will take time to go through and review your financial situation. They will then give you advice on the best possible option for your situation.
After the lawyer has assessed your situation, you will get a detailed description of your responsibilities. You will also get to learn your rights should you decide to file for bankruptcy. With a good lawyer to assess your finances, you will have a better standing as you move forward.
2. Figure Out the Legal Puzzles
Legal processes have different situations and several complications. Some other regulations and codes come in regardless of the legal issues – bankruptcy too. And it can overwhelm you if you don’t have legal training.
The lawyers will explain the codes and the regulations that come with your case. And they can guide you through the various steps and ensure you don’t make any mistakes while at it. Your lawyer will know the timeframe for filing and such matters.
3. Error-Free Petition
A bankruptcy lawyer does this kind of work daily, and that gives them the edge here. Go at it alone, and you are bound to make some mistakes here and there. The paperwork involved here is quite enormous, and you will need to file it correctly.
You will also have to deal with the deadlines, which aren’t easy to figure out if you don’t know them; you will likely face your case being thrown out because of the errors. A bankruptcy lawyer will ensure there are no errors in your petition as they file petitions daily.
Another situation that you may not know about is fraud filing. Most solo fillers tend to make this mistake, and it can lead to serious legal actions. The Department of Justice inspects all the petitions filed – lying is a felony.
You don’t want to make any false filing as your petition needs to be accurate and precise. If you are facing a foreclosure, you need to hire an Ohio foreclosure defense lawyer to help you. The lawyer will ensure that your petition is filed correctly and on time.
4. Offer Counsel
Your lawyer will offer counsel on what you need to do. You will find someone who has been doing this for a while and can show you the best way to easily get rid of your debt. You will also get to learn about the laws, processes, and rules concerning the case.
You are unlikely to go wrong when a personal bankruptcy lawyer is backing you in your bankruptcy case. You can then make the crucial decisions based on the counsel, and you will be sure they are in your best interest.
5. Protect You from Creditors
When your creditors are on your neck, it isn’t a pleasing experience. They will be calling your house day and night and drop a letter at your doorstep when they feel like it. These are the things you don’t want to deal with as you file for bankruptcy.
Once you hire a lawyer, they will have to deal with the lawyer and stop bugging you. If a creditor gets in touch, you can give them your lawyer contact to get in touch. You will have some peace of mind to focus on other issues after.
6. Which Chapter is Best for You?
You can file three types of bankruptcy chapters under Chapter 7, Chapter 11, and Chapter 13. You, however, want to concentrate on two – Chapter 7 and Chapter 13. A lawyer can help you decide on which one you need to file under.
Chapter 7 bankruptcy allows you to clear all your unsecured debt, while Chapter 13 allows you to pay off the debt over time. Chapter 7 is the hardest one to get of the two. Depending on your financial situation and other factors, your lawyer will advise on which one to take.
When you want to file for bankruptcy, it is a good idea to get the services of a lawyer. As much as you can go at it alone, you can mess up without legal backing. These are the crucial reasons you need to hire a lawyer.