Do-It-Yourself Bankruptcy, is it the best choice for you?
Now days DIY (do-it-yourself) projects are becoming increasingly popular, with our economic status and the need to save money, it may seem like a good idea, but is a DIY bankruptcy your best choice? For the latter of Americans, a DIY bankruptcy could end up costing you more than it will save you. Bankruptcy attorneys have the experience to properly prepare your bankruptcy filings in order to benefit you.
Most Common Disadvantages of do-it-yourself Bankruptcies:
1) Bankruptcy is a complicated process. You will spend hours trying to educate yourself on the procedures of a bankruptcy case where a bankruptcy attorney will already know what needs to be done. It is much safer using an attorney who already knows the system to avoid any complications or mistakes that could occur if you try to prepare and file on your own.
2) Bankruptcy hearings and meetings require your presence. Judges and Trustees may present questions or concerns regarding your bankruptcy, you may not know the answers to, where an attorney will know the general issues that cause concern and the way to settle those concerns. Often times Debtors give too much information or say too much while in the presence of the judge or trustee. For example, questions that may be asked of you in a meeting of creditors are extremely limited; you will not know what questions you don’t have to answer.
3) There is always a greater chance of making a mistake when you are preparing a bankruptcy yourself. Once again bankruptcy attorneys prepare and file bankruptcies daily; they know the system and the way to properly prepare your bankruptcy in the best interest of you, the Debtor. Non lawyer bankruptcy form preparers are allowed only to assist in filling out forms and may not give legal advice. They must not instruct you what to do to get the best result; a lawyer is obligated to do just that.
4) Some errors in bankruptcy, such as not reporting property, pre-bankruptcy transfers, or certain creditors, may violate Federal Criminal Law. Debtors violating such laws may face jail time.
These are just some of the disadvantages you may face when filing a bankruptcy yourself. As a law firm we would advise you to seek the advice of an attorney before attempting to file Bankruptcy on your own.