Is Do it Yourself Bankruptcy Filing a Good Idea?

logo-squareWhen you want something done, do it yourself.  That mantra doesn’t work in all industries.  Filing bankruptcy in the legal world isn’t a DIY project.  There are legal jargon and confusing phrases that only a trained and experienced bankruptcy lawyer can decipher.  If you go into this procedure alone, you risk dismissal and delays that wouldn’t happen with a professional.
This is a list of complications due to incorrect paperwork and/or filing:

  • Forgetting to include debt to discharge in the paperwork
  • Adding assets that are exempt
  • Lack of understanding state and federal exemptions and if you are eligible for both
  • Missing required paperwork
  • Missing the deadline to file paperwork
  • Filing the wrong kind of bankruptcy
  • Filing bankruptcy at the wrong district or location
  • Failing to attend the creditors’ meeting, counseling, and other requirements for discharge after filing

The Federal courts are harder on self-filers because many people lack the knowledge in bankruptcy to file on their own.  One mistake is not worth the possible outcomes that could arise.  A dismissal hurts your credit score the same way bankruptcy does.  The chances of re-filing depend on the dismissal reason.  We can’t stress enough about hiring a bankruptcy professional to work with you.
Despite the warnings, it’s tempting to file bankruptcy on your own.  Saving money is hard to pass up.  You can access the forms from the internet and take your time understanding the information before filling it out.  By happenstance, if you have legal experience or know somebody who will help with legal jargon, this can prove beneficial.  Nevertheless, this is still not a good idea.  If you do fill it out yourself, it’s vital that a legal representative looks over it before you file.  A legal representative is also necessary at the hearings.  Do you know enough to represent yourself in court?
The legal world deals with many contracts and documented cases, so it’s easy to miss tiny details.  It’s imperative that a legal representative is presiding over the case so filing bankruptcy is right the first time.  For more information on bankruptcy, contact us.

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