If you have done all you can to relieve your financial problems and must file bankruptcy, learn everything you can about the process before you begin. Bankruptcy is a legal proceeding that has many rules that must be followed. Knowing these rules can make the difference in helping the situation or making it worse. Most people seek legal advice from a qualified bankruptcy attorney. However, of the tens of thousands of bankruptcies filed every year, there are basically three ways that they are filed.
Some debtors try to go through the credit card bankruptcy process on their own. They reason that the cost they are saving for attorney fees will help their financial situation. However, most people who are not trained in this area of law find it hard to navigate through the process. Sadly, this can result in a situation where they may have missed a filing deadline or an important document which ends in an unsuccessful bankruptcy or loss of assets. Some people have found that they have to hire an attorney to repair the damages of a bankruptcy that went wrong.
Hire non attorney to prepare.
There are document preparers who help people to get ready for bankruptcy proceedings. They have basic knowledge of the paperwork that is needed to file but they are not attorneys and cannot offer legal advice. They are not allowed to draft legal documents and cannot represent the debtor at any court proceedings. Again, although their fees may be less than a lawyer's, they cannot provide true legal representation which is needed for the credit card bankruptcy process. What you basically pay for is someone who can input information on the forms with information you provide.
Hire a lawyer.
A bankruptcy attorney is the best advocate for this process. Your attorney will work with you from the beginning and develop the best course of action based on your circumstances. They will prepare the documents that are needed and file them in a timely manner. They are professionals who are trained in bankruptcy law and the filing process. They are continually educated on new bankruptcy laws that may affect your case and will advise you on anything you may need to know. The lawyer will represent you in your hearing with the creditors, which can sometimes call for skillful negotiation.
Your financial future is too valuable to gamble just to try to save money. In the end it can cost more money and trouble. Sit down with a lawyer to evaluate your situation. Find one of the helpful attorneys who offer this evaluation at no cost to you. This will give you the best chance possible to come out on the other side of a credit card bankruptcy with a better financial picture. Get help before it is too late.
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