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In an age when society is hooked on everything DIY, we are trained to find ways to do things without needing assistance or services from another party. The proliferation of YouTube videos about a range of topics from cooking to construction makes us think we can accomplish great feats with just a little guidance. However, thinking this way can sometimes cause a multitude of problems, especially where DIY bankruptcy is concerned.
Bankruptcy is a complex, emotional experience. While you are not required to have an attorney when filing for bankruptcy, attempting to file it yourself is not recommended. If you are not careful, you might end up agreeing to terms that extend your bankruptcy longer than it needs to be, causing dire financial problems in the future. DIY is a good mindset to have for home renovations, but not for a serious, life-altering process such as filing for bankruptcy.
Why You Should Seriously Consider a Bankruptcy Attorney
A bankruptcy filing is not something that can be easily and quickly accomplished overnight. If you are going to do it yourself, you will need to invest a good deal of time to ensure you complete the filing correctly and in your best interests so that you do not accidentally put any of your property at risk.
Some factors come into play when filing for bankruptcy. For starters, you need to thoroughly research which bankruptcy option is best for your current and future financial situation: Chapter 7 or Chapter 13. How much income you make, as well as any assets you own, must also be taken into consideration.
If you are thinking that you can save yourself some money by filing without the aid of an attorney, you are not alone. Many others also feel this way, but the truth is that the amount you would save is rather small compared to how much you could lose if you make a mistake or leave out critical information on the paperwork.
How a Bankruptcy Attorney Can Help
A professional and skilled bankruptcy attorney is already familiar with all the laws, regulations and details related to a bankruptcy filing. This knowledge and expertise will be vitally important in ensuring that you can properly and fill out all the necessary paperwork. Following the proper procedure is especially important, and completing such a task without years of experience with the process can be daunting.
Additionally, a bankruptcy lawyer can provide you with a great deal of information so that you can better make an informed decision without second-guessing yourself.
Finally, as has already been mentioned above, deciding to file for bankruptcy is an emotional and trying experience. Without assistance, it can be easy to make a mistake due to the increased stress and the complicated process. A good bankruptcy lawyer will do more than just help you complete the paperwork–they understand what you are going through, and they will work with you in a manner that helps to ease both the process and your mind.
Many bankruptcy lawyers also offer free consultations. It will work to your advantage to speak with a lawyer before doing anything else. This will help you understand how they can help and why the DIY mindset is best put aside during this important time.