Thinking about filing Bankruptcy? Wondering if you need an attorney? Many people are frustrated by the fact that they feel that they need an attorney to represent them in federal bankruptcy court but, if you can’t afford to pay your bills, how can you afford an attorney? Before you do, read this article.
Before considering representing yourself in bankruptcy court, take into consideration the following:
- A typical bankruptcy petition is 45 to 60 pages in length.
- The consequences of doing it wrong may include:
- 5 years in federal prison
- $500,000 in penalties
Your discharge may be revoked (although after serving time in federal prison and having a half million dollars in penalties put on your shoulders, the discharge is the last of your problems).
After you file, there are additional documents you must file with the court. Failure to file them when you are required to will result in your case getting dismissed.
What Will You do if You Get it Wrong?
Bankruptcy laws are extremely confusing and difficult to understand. For you, this is the first, and hopefully only, time you will be in federal court. For your attorney, it’s just another day at work. You will likely have questions like:
- What chapter should I file?
- What is considered income?
- What assets do I need to list?
- Should I get rid of stuff the court might take from me?
- Can I keep my tax refund?
- Should I claim my child as a dependent when they are at college?
- Do I claim their income, too?
- What is the means test and how do I complete it?
- When should I file?
Obviously, you need help and you need the right counsel in your corner to help make your case progress smoothly and to handle any bumps in the road.
Deciding on Bankruptcy
Deciding whether to file bankruptcy is a tough decision. Some people recommend bankruptcy to hardly ever be filed, while some others recommend bankruptcy in many situations. Really there is no right formula to deciding when to file bankruptcy. If you find yourself making minimum payments on your bills and can not budget yourself out of debt within the next five years it may be time to start thinking about a change. When you are receiving notices that your mortgage or loans are being foreclosed or have several severe setbacks like a divorce or job lose than you might consider taking steps into filing a bankruptcy.
Talk to an Attorney for Advice
If you have questions about bankruptcy, contact a knowledgeable bankruptcy attorney. Our office would be happy to help answer your questions and work with you to ensure you have the representation you need.
