Filing bankruptcy is a traumatic experience. No one wants to file, but filing may be a prudent choice to eliminate crushing debts and begin financial recovery. The process is invasive, debtors are under constant suspicions, and courts tend to be abrupt. If these inconveniences are not enough, creditors constantly seek low hanging fruit to pluck from a tree. A debtor in bankruptcy who does not have a lawyer is the easiest to exploit.
In the simplest cases, debtors occasionally do file without a lawyer without committing grievous errors. Filing fee waivers are available for anyone who earns less than 150% of the national poverty level. These cases are not free however because of the time, effort and frustration for debtors.
Debtors who represent themselves must attend, at a minimum, a 341 meeting and all hearings. They must respond to questions from the court, trustee, and all creditors. Each response should be legally correct, factual, and designed to protect their rights. Contested case hearings and adversary actions become more likely. These burdens are too great for most debtors to consider. The time required to prepare schedules and represent yourself competently is staggering when spread over only one case. Using a bankruptcy preparation service for preparing schedules offers little protection or savings.
The greatest risk when filing without a lawyer is committing strategic blunders. Debtors may simply not know, or fail to discover, the most profitable and desirable options when filing bankruptcy. Liens can be avoided. Valuing asset and claiming exemptions are organic processes that potentially preserve all assets. Pre-bankruptcy planning strategies create even greater savings by preserving assets, preventing unnecessary payments, and eliminating priority debts before filing.
Each person who files must understand these rights, burdens and benefits to reap a just reward. To retain a lawyer to explain these items in detail would require thousands of dollars over many weeks. This requirement defeats the purpose of filing yourself.
Alternatively, you could find most of the information necessary to file in one source. You could calculate the means test yourself at home. The means test contains an odd formula that is difficult to understand. To make this process easier, custom drafted forms are available to assist debtors. These forms include instructions, tips, suggestions and examples designed to maximized deductions, minimize income, and produce the lowest yet legally correct measure of disposable income allowed by law.
Devising a solid bankruptcy strategy is crucial. In the best-case scenario, planning should begin six months before you file. In this way, you maximize benefits, minimize burdens, and enjoy a wide range of transaction options that simply are not available to most people who file quickly, even with a lawyer.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
Rating of Bankruptcy Information
Get Online Application at online Bankruptcy Lawyer.