I hear this question a lot. And while you could do it yourself, it's really not a good idea. (And not just because without bankruptcy attorneys I'd have to find a new job.) So, here is a list of reasons why you should hire an attorney to represent you:
- Bankruptcy is one of the most specialized legal fields. Even if a lawyer were to file for bankruptcy, they would likely hire a colleague who is specifically a bankruptcy attorney.
- A bankruptcy attorney will possess knowledge of the extensive federal, state and local bankruptcy statutes and rules that determine correct procedure.
- A bankruptcy attorney will complete contracts to reaffirm (reinstate) car loans or redeem (purchase for current value) properties.
- A bankruptcy attorney will move to avoid liens on your home, such as those stemming from judgments.
- A bankruptcy attorney can address and resolve debts that are not automatically extinguished in your bankruptcy petition.
- A bankruptcy attorney will answer objections lodged by creditors who would preclude your attempt to discharge debt in bankruptcy.
- A bankruptcy attorney will anticipate possible obstacles and adapt your bankruptcy petition accordingly to prevent losses.
- A bankruptcy attorney will ensure you gain the maximum benefits from bankruptcy: optimal asset retention; optimal discharge of debt.
- A bankruptcy attorney will prevent fatal error that could lead to dismissal of your bankruptcy case.
In electing whether to retain counsel, a client should consider the costs and benefits. If numbers mean anything, then know that almost all bankruptcies are handled by attorneys. Recent figures quoted by the Court stated that 97% of chapter 7 petitions are filed by lawyers. Bankruptcy law is a very nuanced thing and you want to retain an attorney with exclusive practice in that area. (Preferably yours truly.)
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