Filing Bankruptcy Without a Lawyer: The cons

Considering bankruptcy is stressful and can be overwhelming when you do not know where to turn. You may think that you cannot afford to hire a bankruptcy lawyer in Florida. If you had thousands of dollars to spend on a Miami bankruptcy attorney, you probably would not be filing bankruptcy to begin with, right? In reality, you will find that hiring a bankruptcy lawyer is in your best interests. The filing will go smoother and be less stressful on you and you may also be able to save considerable sums of money. What are the cons of trying to go at it alone?

Figuring out which type of bankruptcy to file can be difficult. If you file yourself and choose the wrong chapter of bankruptcy, you could lose money and risk your bankruptcy petition being denied. A bankruptcy lawyer can ensure that you discharge as much debt as possible while retaining as many of your assets as possible.

Chapter 7 bankruptcy is a liquidation type of bankruptcy where your assets will be liquidated and the profits used to pay off your debts. However, some of your assets may be exempt. A Chapter 7 bankruptcy lawyer can advise you which of your possessions will be exempt from liquidation. Filing by yourself could led to the liquidation of assets you could have kept such as your car or your home.

Instead of Chapter 7, you may find that chapter 13 bankruptcy, a restructuring bankruptcy, suits your needs better. Chapter 13 is a very complicated type of bankruptcy which involves negotiating with your creditors to get you the best deal. A Chapter 13 attorney will protect your interests and make sure you save as much money as possible.

For a large corporation, Chapter 11 restructuring bankruptcy might allow the business to stay open. If the paper work is filed incorrectly or if your creditors deny your offer, your company could be forced into Chapter 7 liquidation bankruptcy. Chapter 7 will result your business being closed . All of your companies assets will be sold off to pay off your debt. A Chapter 11 bankruptcy lawyer can help you business restructure to run more efficiently and keep your doors open.

Bankruptcy law is not written with regular people in mind. It is legalese that is written to be understood by lawyers. It might not be fair, but bankruptcy law will give you a headache at the least, and may mean misfiled paperwork that could result in legal issues at the worst.

Bankruptcy can have legal affects. There are piles of paperwork that you must fill out and file on time. Any incorrect information can have legal consequences. Even just an honest mistake can result in charges of fraud being filed against you. Do not take risks with one of the most important and stressful events in your financial life, hire a Miami bankruptcy lawyer to ensure the paperwork is filed out correctly.