Why Every Potential Bankruptcy Filer Should Retain Legal Services
When an individual or couple has decided that the only option left for them to deal with their tattered finances is to file for bankruptcy, it’s going to be important to speak with an attorney. Some people say that a person can save money by representing themselves in the bankruptcy process. While this is technically true, most legal experts will caution against going into a complicated legal proceeding like bankruptcy without the services of a dedicated chapter 7 bankruptcy attorney.
Avoid Stress and Anxiety Entanglements
There are many reasons why having an attorney representing an individual or couple going through bankruptcy is important. The first thing to understand is that when an individual or couple gets to the point where bankruptcy is the only option they have, there has likely been a great deal of stress and anxiety about finances. Unfortunately, the initial filing for bankruptcy doesn’t magically make the stress or anxiety go away. Without an attorney, the stress on an individual or couple is increased due to the long and complicated bankruptcy process.
An attorney will understand the process of bankruptcy and this can significantly reduce the stress of the individual or couple going through it.
Navigating the Complicated Filing Process
Another benefit to having the services of a slip and fall is that the attorney can handle the initial filing. Most states have filings that are somewhat similar. However, there are instances where a particular bankruptcy filing can be extremely complicated and lengthy. Having an attorney that has done this filing time and time again and knows the nuances of getting it right is important. Making mistakes on the filing can affect an individual or couple’s bankruptcy or it could mean that they will have to start over again in order to make the filing as accurate as possible.
The Demands Made by the Bankruptcy Courts
Lastly, there are nuances within the bankruptcy process that may be foreign to individuals or couples that have never gone through this process before. While chapter 7 can help a person get a fresh start by wiping out a great deal of debt, a person may have to sell certain possessions or give up any windfall profits to repay a portion of what they owed to creditors. Bankruptcy lawyers can help a person protect their assets and disclose any property or capital that will be legally remanded to existing creditors.
This is quite a lot to consider and there are many more nuances of chapter 7 bankruptcy. Unless you have a law degree, it’s not a good idea to go into this complicated legal process without legal representation. Whether it’s preparing yourself for the bankruptcy process or its navigating through the lengthy and complicated proceedings, having legal representation from a bankruptcy lawyer is imperative.