Bankruptcy Lawyer

Can I go bankrupt myself or do I need a personal bankruptcy lawyer?

This is a question many people ask when considering bankruptcy. There are a lot of changes to the bankruptcy laws so depending on your situation, it might be a wise thing to do. However, there are a few situations where you don’t really need one.

Here’s a tip that might help you decide whether using a lawyer is a good idea for you. Did you know that many law firms will give you a free initial consultation? That’s right. You can sit down, talk about your situation and get your questions answered before you pay a dime. It doesn’t hurt to call a law firm, explain your situation, and ask to talk to someone (and make sure it’s a free first consultation)

If you have zero assets, very little income and are in a situation where no family or spouse is involved, you can probably file for Chapter 7 bankruptcy yourself. This is called “pro se”. It is a fairly simple process.

However, if you have family, dependents, and a lot of assets, you probably want the help from a law firm that specializes in this type of arrangement. If you own a home you would be foolish to try and do this alone. Make sure you find a personal bankruptcy lawyer. A lawyer who specializes in divorces or real estate won’t be as much help.

And, if you are filing Chapter 13 bankruptcy you need a bankruptcy lawyer to assist you.

There are also cases where your lawyers fees will be paid out of the proceeds of your bankruptcy. In this case your creditors get a little less money and the firm representing you gets paid from the disposition of your assets.

Considering this information, we suggest you at least talk to a bankruptcy lawyer about their services, and your options.
To answer the question, “Do you need a personal bankruptcy lawyer?” You won’t know for sure until you have a consultation and talk to them. You might even consider talking to a few bankruptcy attorneys before you make your final decision.

When it comes to your particular situation, do some serious deliberation to be sure that you consider exactly what your options are going to be. Bear in mind that this is not something that you must rush into, and while it is possible to apply for bankruptcy by yourself, you will find that it is usually significantly preferable to employ a lawyer who can help you with the details. This is something that will have radical consequences on your credit for ten years to come, and you must at least plan out what you are going to do about things like automobile purchases or residence loans beforehand.

In addition, a certified bankruptcy lawyer can speak to you about your options besides bankruptcy, some of which you may not even be aware of. Many of those options do not carry the long term adverse effect on you that claiming bankruptcy will.

Personal Bankruptcy Lawyers Bring Certain Advantages (Experience)

It is a fallacy to think that just declaring personal bankruptcy will negate all of your debts. There are some debts which will not be touched by bankruptcy at all. For example, child support and alimony are 2 things that you will have to pay, regardless of the type of bankruptcy you choose. If you earn a lot of money you will be forced to file a Chapter 13, which means that you will be on a payment plan with concerns to your debts. In short, with Chapter 13, your debts are not eliminated but merely rearranged, but the point is that those debts still exist. It is not your option about whether you submit Chapter 7 or Chapter 13, but rather refers the standards of the bankruptcy laws.

Personal bankruptcy is something that certainly has consequences, it only makes sense to sit down with a personal bankruptcy lawyer to discuss your options first. Especially since most of these initial consultations are free.