Considerations Before Filing For Bankruptcy On Your Own!

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It is often noticed that the people who are willing to file for bankruptcy, are not willing to get a lawyer for it. Either they can’t afford the fees of an attorney or they feel they can handle it on their own. The courts will not not force you to get a bankruptcy attorney in Edmond, OK. However, it is for your own benefit. Here, we will discuss the pitfalls of trying to file for bankruptcy without a lawyer so that you will not end up getting in more trouble.

Pre-bankruptcy Situation

Problems may occur even before you file for bankruptcy. Due to lack of correct information about bankruptcy and without consulting a bankruptcy attorney in Edmond, OK, people make mistakes while filing for their case. Not all types of debt can be relieved with bankruptcy. There are some basic rules and regulations which the filer should know before filing for bankruptcy.

The other problem that occurs is with the choice between chapters. Chapter 7 and Chapter 13 are the two types of bankruptcy chapters on which you can file. Each chapter has certain unique rules and criteria. The person filing needs to qualify under these in order to proceed. Without an experienced professionals guidance, it can be possible.

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While Filing for Bankruptcy

Even if a person does not make a mistake before filing, it is possible that they may then make a mistake during the filing process. Here are three sections in which people often fail at while filing:

Documents: As it is a legal procedure, a person needs to submit valid paperwork within a certain period. There is a federal packet, local forms and many other things that you need to fill out correctly and submit on time. Failure to submit the documents may end in dismissal of the case. You need a bankruptcy attorney in Edmond, OK that has adequate knowledge about filing the forms, filing fees and the right way to perform these tasks.

Property Exemption: Honest property exemption is significant in bankruptcy of both chapters. If a filer does not list the proper exemption on the properties, they may lose them. In order to protect the valuable properties you own, you should hire a bankruptcy attorney in Edmond, OK.

Finance Management Courses: Once you file for bankruptcy, you must undergo a financial management course in order to avoid such situations in the future. Don’t forget to get the approved credit counseling form before you file for bankruptcy. The requirements may confuse filers and they may fail to pursue the courses, which is why having a professional to guide you on such matters is imperative.

Therefore, before filing for bankruptcy, consult a bankruptcy attorney in Edmond, OK, and state the entire situation to him or her. According to the expert’s advice you will be able to take your next step wisely. Contact Chris Mudd and Associates for an experienced lawyer to handle your bankruptcy case.