Why You Should Never File Bankruptcy on Your Own


Why You Should Never File Bankruptcy on Your Own

On our blog, we’ve discussed bankruptcy from all sorts of different angles. We’ve talked about the processes of Chapter 7 and Chapter 13, the benefits of filing, how bankruptcy affects credit scores, and so forth. One thing we haven’t focused on specifically is the overall importance of using a specialist for assistance when filing bankruptcy. Given that hiring help brings an additional cost, many potential filers may be tempted to conduct a bankruptcy independently, without any outside assistance; the problem with this approach, as we will discuss, is that filing alone can bring about numerous problems. In this post, we will briefly dive into the specific reasons why you should always use outside help when filing bankruptcy.

Bankruptcy Processes are Complex / Not Easy to Navigate

The bankruptcy processes are just like any other area of law: these processes come with their own concepts, their own terminology, their own considerations, and so on. Of course, anyone who is properly motivated can take the time to become familiar with this area and learn its basic features; but, becoming very well conversant in this area takes quite a lot of time, and many potential filers are simply too busy running their own lives to master this material. Because of the sheer complexity involved in the bankruptcy process, the benefits of using an outside professional are quite clear. This is true regardless of whether a person chooses to file Chapter 7, Chapter 13, or any other type of bankruptcy.

Having someone to assist with the essentials – the initial filing, gathering documentation, following all applicable rules, meeting deadlines, deciphering complex language, etc. – can be immensely valuable. When you go through the process, you will likely have all sorts of questions, and a specialist can demystify things and give reliable answers. For instance, you may be curious about which debts can be discharged, and which cannot; a specialist can be very useful in this manner.

Any Mistake Can Be Costly

Whether someone files for Chapter 7, Chapter 13, or any other type of bankruptcy, the importance of keeping mistakes to a minimum cannot be overstated. Each bankruptcy process has its own documentation to complete, and its own rules and structure to follow; if the initial application isn’t completed correctly, or all documentation isn’t submitted, then the entire bankruptcy can be jeopardized. This is another reason why hiring a specialist can be so advantageous. Your bankruptcy specialist has already been through and completed the process plenty of times; use the specialist’s acquired expertise and be sure that no costly mistakes are committed.

Attorneys Can Negotiate with Creditors

If you file a Chapter 13 bankruptcy – which basically involves creating a repayment plan for creditors – you will need to negotiate with creditors. You will need to negotiate in order to determine how much of your debt will be paid back. In this type of situation, having a specialist in your corner can be extremely valuable. Most debtors are not familiar with negotiating with creditors, and many struggle to achieve top results when they go through the process by themselves. Enlist the help of a specialist and you may be able to pay back a lower amount according to more favorable terms.

Contact Financial Freedom Advocates for More Information

If you would like to learn more, contact Financial Freedom Advocates today by calling 786-668-6688.

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