Filing Bankruptcy Without An Attorney

When people think about filing bankruptcy, it's not uncommon to be overcome with a feeling of despair -- not just because of the erroneous fear that bankruptcy means financial ruin (bankruptcy is not always such a bad thing), but because even the act of filing bankruptcy requires expensive legal fees to compensate a bankruptcy attorney. Well, if you are currently contemplating filing bankruptcy, you can put this fear to rest. A lawyer is not required to file bankruptcy, so you don't need to spend what little resources you have on legal services.

You might be thinking that if you don't hire a bankruptcy attorney, you'll have to navigate the complicated legal and financial process on your own. That's not true, either. As a matter of fact, there are many companies out there that will help you prepare a bankruptcy petition and fill you in on the steps that are required to complete the bankruptcy process. Countless people have successfully traveled this path and started fresh financial futures without the aid of a lawyer.

If you're debating on whether or not to pay for the services of a bankruptcy lawyer, don't get too caught up in saving a few extra bucks. The real question should be whether it is wise to file for bankruptcy without the help of an experienced attorney. Although the non-legal bankruptcy services described above can effectively help you through the process, no pre-arranged documents or guidance can replace the counsel of a qualified bankruptcy attorney.

It's important to keep in mind just how complex bankruptcy law is. Bankruptcy is Federal Law and is governed in Federal Court, but has unique rules and protocols in each state. This means that the proper procedures for filing bankruptcy are unique to both your financial situation and your location.

The simple fact that a person is seeking help under the bankruptcy code shows that a person has fallen on hard times. It is certainly certainly understandable why it would cross your mind to avoid the extra costs of having to hire an attorney to get your financial affairs back in order. However, an experienced bankruptcy could possibly pay for themselves in terms of savings on errors over the course of time. For example, if you file a Chapter 7 bankruptcy, each state has unique rules on what you are allowed to exempt and what assets you will have to forfeit to the bankruptcy trustee. Certain states even offer a “wild card” exemption. The proper use of these exemptions can easily cover the fees (and some!) that an experienced attorney will charge you.

It is the best idea to seek the advice of a bankruptcy attorney as soon as you start to fall on financial difficulties. Even if bankruptcy is not 100% certain in your future, there are precautions that you should take in case the time arrives. Most bankruptcy attorneys offer free initial consultations in order to review your case; use this time to assess your situation and get some guidance on moving forward. Using this information will save you the money needed to pay their fee if the time does come to file for bankruptcy help.