Having debts overwhelm you can be a suffocating feeling by itself. Fielding calls from your creditors and trying to manage your finances at the same time can make the process doubly stressful.
When you are unable to make ends meet, and you want to file for bankruptcy under chapter 13 or chapter 7, you may not want to incur the legal fees of hiring an attorney to do so, and you may be tempted to file bankruptcy yourself. Although, there may be some savings by doing so, what you really want to ask yourself is whether this is good for you? Do you stand to lose much more than legal fees by not hiring a bankruptcy lawyer to handle your case?
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One thing that you will have to wade through is the legal jargon and the paperwork that filing for bankruptcy is sure to involve. If you can't tell a Summary of Schedules from a Schedule D, you know it is time to get professional help. That's not all - experienced lawyers are not just familiar with the law, they are also familiar with the way legal professional operate, and more importantly, with the way the courts operate.
When you pay a bankruptcy lawyer's fees, you are really paying for his expertise in handling the legal process - that's not something you can leverage when filing bankruptcy yourself.
The other benefit to have a bankruptcy lawyer handle your case rather than filing bankruptcy yourself is that of managing creditors and negotiating with them. An attorney can handle creditor calls once your petition is filed and as your representative, he/she can either negotiate for higher debt write-off if filing under chapter 7 or easier repayment terms if filing under chapter 13.
An added plus is the ability of the lawyer to help protect your assets for your future by restructuring your loans and non-exempt assets to be liquidate if applicable.
In conclusion, the benefits of having a bankruptcy lawyer deal with your petition in bankruptcy court are readily apparent. The alternative of filing bankruptcy yourself is not really advisable as the odds of you losing your assets increases, as does the certainty of having to pay back more to your creditors.
Credit counseling with an attorney is a necessary prerequisite to filing paperwork, and having a capable bankruptcy lawyer can help you meet sudden filing requirements in the court. The freedom from debt is sure to offset the legal charges that you incur.
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