If you've reached the end of your financial rope, and you've run out of options, bankruptcy may be the way to go. While bankruptcy will remain on your credit report for up to ten years, it gets you out from under the debt that can keep you from getting back on your feet. If you've decided to file for bankruptcy, it's important that you seek legal advice before proceeding. Bankruptcy is not something that you want to attempt without an experienced lawyer by your side. Here are just three of the reasons why you shouldn't try to file for bankruptcy without a lawyer.
Changes in Bankruptcy Laws Can Be Confusing
Bankruptcy laws have changed significantly over the past several years. Those changes can be difficult for the average person to understand. Unfortunately, confusion over bankruptcy laws can leave you with serious problems. Bankruptcy is identified by chapters, with each chapter governing specific areas. For instance, if you're going to be filing for personal bankruptcy, you'll want to look at either chapter 7 or chapter 13 bankruptcy. However, each of those chapters have different requirements. Your attorney will be able to sort out the details for you.
You Might Miss Valuable Exemptions
When it comes to bankruptcy, you're going to need as many exemptions as possible. Those exemptions may allow you to keep more of your assets. The last thing you want is to file for bankruptcy on your own, only to find that you missed out on exemptions that would have allowed you to keep more of your assets like property and cash. Avoid missed exemptions by hiring an attorney to take care of your bankruptcy for you.
Paperwork Must Be Filled Out Properly
If you're going to be filing for bankruptcy, your paperwork will need to be filled out properly. Even one mistake could result in your petition being denied, which means you'll have to start over. Unfortunately, as soon as your bankruptcy petition is denied, your creditors will be able to go after you for payments again. An experienced bankruptcy attorney will ensure that your paperwork is filled out properly, which will help you avoid problems and delays.
If you're facing a financial crisis, bankruptcy may be your only option. Before you file for bankruptcy protection, you need to sit down with a lawyer near you. Your lawyer will make sure you avoid mistakes that could cost you dearly.Share