5 Drawbacks of Filing for Chapter 7 Bankruptcy without a Lawyer
Although filing for bankruptcy without lawyer, or filing “pro se,” is legal, it is fraught with risks. This blog post explains the reason behind why filing pro se is often discouraged by experts.
Chapter 7 Might Not Be Suitable for Your Financial Condition
People buried under excessive debts generally file for bankruptcy. However, this method doesn’t always work and requires a professional approach. Since Chapter 7 of the bankruptcy code suits people with a low level of income and minimal assets, foreclosure is not always effective. According to bankruptcy attorneys in Edmond, OK, Chapter 13 or other alternatives like debt consolidation or mortgage reconsiderations might be more suitable for declaring economic failure. The method you choose depends on the nature of your debt and current financial status.
You Can Be Fined for Mistakes In Paperwork
It is quite evident that filing for bankruptcy is a hard nut to crack, as it involves a lot of paperwork and documentation. On the bankruptcy petition, you need to submit details of all debts, assets and creditors’ information. Since legal proceedings are complicated and harder for a layman, it is natural for you to commit mistakes and errors on documentation while filing all the details. The occurrence of errors in paperwork and documents takes a toll on time and unnecessarily delays your discharge. The prolonged process leaves you with debt and multiple risks.
A Minor Mistake Can Make You Lose a Major Property
Expert attorneys explain that Chapter 7 of the bankruptcy code empowers a trustee to sell a part of their property to repay the debt with the proceeds. However, if you choose bankruptcy exemptions carefully according to your financial feasibility, you save your property from getting sold. On the other hand, making a wrong decision can snatch the assets and properties from you. Therefore, you should seek a good bankruptcy attorney in Edmond, OK, to keep your property protected.
Creditors Can Cause Problems and Weaken Your Defense
It is well known that two heads are better than one. When it comes to handling creditors, your bankruptcy attorney can be cooperative and assist you in defending against them effectively. It is quite easy for a creditor to throw a wrench into your bankruptcy case, leaving your defense shattered. Consequently, to avoid problems, you should keep a reliable plan ready in case you have to deal with a situation of crisis.
Filing Pro Se Can Be More Expensive Than Hiring an Attorney
Generally, people think that hiring a good bankruptcy attorney in Edmond, OK, is costly, but it is much less expensive than filing for Chapter 7 on your own. In fact, filing for bankruptcy without a lawyer takes a toll on your time and energy but is not so beneficial. Moreover, errors and mistakes can certainly make things harder and take longer. There are some understanding law firms and agencies that offer their services in exchange for easy methods of payment for clients already suffering from financial crisis. With this in mind, you should hire a good bankruptcy attorney in Edmond, OK, without any worries.
Filing for bankruptcy is never easy, but if you are a resident of Edmond, OK, you can surely accept the help of good bankruptcy attorneys who promise to stand by your side during tough times. With their expertise, they can help you start a new life with vigor, passion and self-esteem, while shedding the burden of debt from your shoulders.