Many people are interested in exploring the idea of filing bankruptcy on their own, without the help of an attorney or legal representative. Should you pursue this option for yourself? Here, we’ll make the case that most individuals should work with an experienced local bankruptcy attorney rather than going his or her own way.
First, let’s be clear that you are not legally required to hire a bankruptcy attorney. You have the option, and could pursue the path, of filing bankruptcy on your own. That’s within your rights. However, there are many things that are within our rights that may not actually be in our best interests.
One of the largest arguments for filing bankruptcy by yourself is that you don’t have to hire an attorney to represent you. You save that money, and obviously saving money is of paramount importance if you’re in a bad enough financial situation that you’re filing bankruptcy.
However, this is actually a bit short-sighted in its approach. With a qualified attorney fighting on your behalf, the money you’re spending on that representation is likely going to deliver back to you far greater financial benefits both immediately and in the long run. This may come via getting certain financial obligations or debts removed or reduced, or via finding appropriate exceptions to keeping certain property, for instance.
Further, your attorney may begin studying your case and determine that bankruptcy isn’t even necessary to begin with. Instead, there may be a viable non-bankruptcy solution which provides you with fantastic debt relief without the need to file bankruptcy.
This may have been overlooked if you had went on and filed bankruptcy on your own. Added on to that is the fact that an experienced attorney arguing on your behalf to compromise with lenders and creditors, or to re-work or modify a loan, will be able to produce a better outcome in those negotiations.
Even if your attorney does decide it best to move ahead with bankruptcy, there are also different Chapters of bankruptcy. How these various forms of bankruptcy filings impact you, and which you may be eligible for or benefit from, is crucial to fully understand and explore.
Before you file bankruptcy by yourself in Maryland, call Goren & Tucci, LLC, for a free consultation at 301.718.1892. We’ll be happy to discuss your case and tell you how we may be able to help starting today.