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Bankruptcy Filing: Do You Need an Attorney?

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Businessman reaction to being bankcruptFiling for bankruptcy doesn’t always require legal representation. You can always do the filing on your own, but note that it requires thorough preparation, as well as an understanding of the legal issues. While you can represent yourself in a bankruptcy case, it not always the best idea. It is important to know that making mistakes in filing or misinterpreting the law can cost you more.

Deciding to handle the bankruptcy by yourself can cause problems even before the filing begins. Many file under the wrong chapter or do not understand the differences and important qualities of bankruptcy chapters. While you may qualify for both Chapter 7 and 13, know that they handle debts and properties differently. Filing for the wrong one may cause you to lose important assets.

Handling the Case Better

Consulting a qualified attorney is always advisable, as bankruptcy can have legal and financial consequences. The right one can help you determine the right chapter and advise you if you need to file a petition. Bankruptcy lawyers in Sandy, Osmond and Cockayne Associates, note that an attorney will also educate you about the laws and processes, assist you in the case, and help you prepare/file forms.

Dealing with Complicated Cases

It always makes sense to hire an attorney, especially when you have a complex case. Chapter 13, for instance, is much more complicated than Chapter 7 and requires more work. This is because you will need to create a repayment plan and have the court approve it. A bankruptcy attorney can help you create the right plan and accomplish complicated paperwork.

An Expert by Your Side

Even a simple Chapter 7 bankruptcy can be stressful to file. It is always advisable to hire an attorney if you have a lot of assets or debts that cannot be discharged. This is also true if your income has a potential to disqualify from pursuing Chapter 7 or if you own a business. Know that you can handle the case better with an expert by your side.

If you want to avoid long-term legal consequences, seek the advice of an attorney. Given the complexities of bankruptcy law and procedures, you are better off with a legal professional who can protect your rights.

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