The question on whether to file for bankruptcy or not is one that stresses many people when they come to the realization that they are in a financial mess. The bigger question is whether to file it alone or to hire the services of an attorney. Before all these questions can be well answered, note that the most convenient place to seek the answers is in a bankruptcy counseling session.
The only way to determine whether you qualify for insolvency is to hear from the experts what this actually implies. Some people, due to lack of information think that they can file for insolvency to escape the responsibility of paying their creditors. This is not a very wise reason since you will be taking so much risk. This is because, whether you file for chapter 7 or 13, the law will have its own way of catching up with you and ensure that you cover for your debts.
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After all, how can you escape and yet your name will be published in the gazette? Once you have gone through counseling, you will be able to make an informed decision on whether insolvency is really for you. You will also get to decide whether you want to do it alone or with the help of an attorney. There are advantages and disadvantages to both options.
Filing for bankruptcy alone saves you from the extra expenses of paying the attorney. The case is also bound to move faster in court, but you are prone to misrepresent yourself. This is unless you are well versed with the insolvency laws. Once you have filed the petition, a meeting with your creditors will be arranged and they will be informed of your position. This will stop them from harassing you. This is known as the automatic stay.
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