Declaring bankruptcy by yourself
Why declaring bankruptcy by yourself isn’t the right move
If bankruptcy has been on your mind, then you are obviously in a serious financial mess. You’re struggling to pay your monthly bills because you have accumulated too much credit card debt due to uncontrolled spending. Or perhaps you have to pay back hospital bills because of an unexpected medical emergency. In any case, you’re in tough circumstances and probably feel that you could not take on any more bills at this point.
With this in mind, you might be considering trying to file bankruptcy on your own. Well, don’t.
There was a time when filing for bankruptcy without a lawyer was more feasible, and you may know some people who tell you that they were able to do so successfully. It was always a good idea to have a lawyer by your side, but it was at least possible in theory to go through the process yourself.
Things changed when Congress passed a bankruptcy reform law in the year 2005. The exact name of the law is long and complex, but what you really need to know is that the whole process has become more involved as a result.
Bankruptcy is definitely still available, but you have to have good legal advice to get through all of the additional obstacles that have been placed in your way. Without this legal advice, you may be biting off more than you can chew.
Some have complained about the law, but for the time being this is what we’re stuck with. You should do your best to play by the rules and ask a lawyer for assistance.
Even lawyers have to work diligently to keep up with all the latest developments including court rulings that help them apply the law correctly.
Even if you’re worried about the expense, it is best to have a bankruptcy lawyer to guide you through the process. After all, if you successfully file the bankruptcy, you’ll have a fresh beginning. You should find it much easier to pay for lawyer bills once your other bills have been taken care of with bankruptcy.