You may be thinking about filing for bankruptcy. It’s often called a financial fresh start regardless of which bankruptcy chapter you chose. You may be thinking about going through the bankruptcy without a bankruptcy attorney. You’ll save money and it’s really all about filing a bunch of papers, right? Wrong. Bankruptcy isn’t something you can do on your own. Here are a few scenarios to show how important hiring a bankruptcy attorney is to your bankruptcy petition.
You’re not sure where to start in the bankruptcy process.
Your bankruptcy petition doesn’t start when you file your paperwork. That’s just the middle of the process. Filing bankruptcy starts completing credit counseling and completing a means test. For instance, you have to talk with a credit counseling agency (approved by the bankruptcy courts). The counselor will speak with you to see if there are any alternatives to filing bankruptcy. It doesn’t mean you have to pursue any of the alternatives. It just means that you’ve discussed some other options.
A means test isn’t an actual test although it may seem like a confusing math exam. Kirkpatrick & Associates Covington will help you complete the means test to see which bankruptcy chapter you qualify for.
It’s only filing a bunch of paperwork
There is an extensive amount of paperwork involved in a bankruptcy petition. What is worse is that you may make a mistake and not compete the right schedule which cause your petition to be dismissed. A bankruptcy attorney knows the right schedules to complete.
The creditor did what?
Let’s say you complete everything correctly and you expect your bankruptcy petition to be approved. Guess what? Your creditor or lender just challenged your petition. Maybe your creditor’s lawyers challenge how much money you actually make. Maybe they want you to repay them in a chapter 13 bankruptcy. When this happens what will you do? Well, a bankruptcy attorney is skilled enough to know how to convince a trustee otherwise or negotiate with opposing counsel.
You’re filing chapter 13. What is your plan?
When you file chapter 13, you’re repaying your creditors a specific amount each month for 36 to 48 months. The bankruptcy courts do not do the math for you. You have to submit a bankruptcy plan within 15 days of filing your petition.
Whether you hire a bankruptcy attorney is a personal choice. You are allowed to file bankruptcy on your own. However, it’s not the best choice. The courts aren’t going to give you a free pass because you don’t know bankruptcy laws. That’s why it’s important to hire a bankruptcy attorney. Kirkpatrick & Associates Covington will help you with your bankruptcy petition.