Individuals submitting for personal bankruptcy have the right to do so without a lawyer. If your Chapter 7 case involves important assets, or if you desire to file for Chapter 13 bankruptcy, filing without a lawyer could cost you more than you'd save going it alone.
Why an Bankruptcy Lawyer Is Worth the Expense
The most significant benefit to you is that an experienced lawyer recognizes any
possible misstep that might develop throughout your case and will prepare
appropriately.
Bankruptcy Preparation:
Think about options to personal bankruptcy. Bankruptcy might not be the only way to achieve monetary peace. If personal bankruptcy is not the best choice, your lawyer will suggest a proper bankruptcy alternative.
Choose which type of personal bankruptcy to file. Chapter 7 and Chapter 13 accomplish different goals and serve various functions. Chapter 7 will clean out a lot of financial obligation in the short term, however it won't assist you in saving a home if you're behind on your payments. Your attorney will carefully consider your wants and needs and will recommend a course of action to assist you in accomplishing those goals.
Filing Without a Lawyer?
Filing pro se or pro per (without a lawyer), is rather unusual. In 2015, 9.2% of individuals who filed for Chapter 7 bankruptcy and 8.5% of those filing a Chapter 13 case filed by themselves. According to reports released by the U.S. Personal Bankruptcy Court for the Central District of California, less than 2% of pro se Chapter 13 filers are able to get a repayment strategy validated (authorized by the court) as compared with 60% of debtors represented by an attorney.
Accuracy of Documents
You will submit pages of financial information about your debts, earnings, costs, properties, and current monetary transactions, all under penalty of perjury. Your lawyer will know what you must divulge, ways to value your possessions, what are real earnings, which of your expenditures are "sensible and needed," which income tax return to supply, and a host of other items.
Accurate Testimony
You should sign your bankruptcy documents under penalty of perjury, telling the court that as far as you know, the info is right. At your hearing of lenders and anytime you're in court, you'll swear or affirm that you're telling the truth. Your lawyer will be with you to guarantee that your statement is proper and complete.
Negotiate With Your Creditors
In Chapter 7 insolvency, your lawyer can negotiate a reaffirmation agreement or a redemption with a secured creditor that will enable you to keep your house or vehicle. In Chapter 13 insolvency, your attorney will work out with your financial institutions on payment terms, the value of security (residential or commercial property that protects payment of a financial obligation), and rate of interest to make your payment plan economical.
Restoring Credit After Bankruptcy
All in all, lawyers are good at making certain that your case survives the process smoothly, thus enabling you to take full advantage of your new beginning. Nevertheless, often things take place afterward that require attention (although this is unusual). Your lawyer can assist in resolving post-bankruptcy discharge violations if a lender attempts to get a financial debt paid that was erased by the bankruptcy. Numerous attorneys offer assistance on rebuilding credit.
Protect Your Rights
Garber Law Offices are here to help you with your Bankruptcy claim. Call Garber Law Offices today 856-489-6500