If you have decided to declare bankruptcy, you may be wondering about bankruptcy pros and cons. You may also be wondering about hiring a bankruptcy attorney or filing without legal assistance. There are advantages and disadvantages to each. The following information will help you make an educated decision on the option that is best for you.
Filing Bankruptcy on Your Own
Bankruptcy filings can be conducted without a bankruptcy attorney. This type of filing is known as filing pro se. Many debtors consider this route when they do not have many assets and their current financial situation is not complicated. It may seem like it is a good idea at first to file for bankruptcy without hiring an attorney. A quick search online will yield many results for websites that offer debtors advice on how to proceed with the bankruptcy process.
However, debtors should be aware that the information on many of these sites is outdated. Consequently, following the advice can lead you to more financial and legal troubles.
The bankruptcy pros and cons of filing without a lawyer would not be complete without considering the financial aspect. Although you may save an initial financial expense by not hiring an attorney, making mistakes during the process could actually cost you more money. Examples of mistakes include:
- Forgetting to place a creditor’s name on paperwork
- Missing deadlines
- Being unfamiliar with the filing process
You can have a peace of mind knowing that an experienced attorney has taken care of everything.
Hiring a Bankruptcy Attorney
One of the most logical reasons for hiring a bankruptcy attorney is that you will have someone on your side. The attorney will have the experience, legal knowledge and training you need to ensure your case is handled properly. Errors and mistakes will no longer be possible hazards during your case.
Creditors are also less likely to attempt to take advantage of you if you hire a lawyer versus filing pro se. They may try to contact you during the bankruptcy process if you decide to represent yourself. However, when you hire a bankruptcy attorney, the lawyer will ensure the proper procedures are in place so they are not able to contact you.
These are just some of the bankruptcy pros and cons that you will need to consider when you file for bankruptcy. However, you should schedule a consultation with a bankruptcy attorney before you file so you will know how to proceed with your case. An attorney can also let you know if there is another option to help you get control of your finances.
Contact Douglas Jacobson to schedule a free consultation and learn what options are available for your financial situation.