While many jurisdictions do not require you to hire a lawyer in order to pursue personal bankruptcy relief, choosing to take a do-it-yourself approach to this legal proceeding is rarely a good idea. Unfortunately, far too many people choose to take a DIY approach to bankruptcy simply because they don't believe their financial situation will allow them to hire a lawyer. If you are currently thinking about handling your own bankruptcy case, you should take a moment to review the three reasons below why you should never file for bankruptcy without a lawyer.
#1: You Could End up Missing Out on a Better Debt Relief Option
Bankruptcy is not the only debt relief option that can help individuals to overcome large amounts of debt. In fact, depending on what type of debt you have, bankruptcy may not even be the most beneficial debt relief option available. This is because only certain types of debt can be discharged under bankruptcy laws. Hiring a bankruptcy lawyer will allow you to explore all of your debt relief options before filing your petition with the court. This will ultimately ensure that you get the maximum debt relief possible given your specific circumstances.
#2: You Could Lose Assets That Should Have Been Protected
One of the most complex parts of any bankruptcy case will involve the application of asset protection laws. The reason this step is so complex is that there are separate state and federal laws that can be applied to the protection of assets in a bankruptcy case. If you fail to apply these laws properly in your case, you could end up losing assets that should have been protected. This can be a very costly mistake. This is also a mistake that can be easily avoided by choosing to hire a bankruptcy lawyer to represent you.
#3: The Law Will Prevent You From Seeking Bankruptcy Relief Again in the Near Future
While the exact length of the waiting period will vary from one location to the next, virtually all jurisdictions have laws dictating how often an individual can file for bankruptcy relief. What this means is that if you fail to disclose all of your debts so that they can be discharged, you cannot simply turn around and file a new petition for bankruptcy to address these additional debts. That is why it is so important to ensure your bankruptcy petition is completed properly the first time around. Hiring a lawyer to represent you will help to ensure no mistakes are made in handling your bankruptcy case so that you can get the maximum relief allowed by law.
If you have questions regarding a bankruptcy lawyer, reach out to a local firm.
Share23 August 2023
