For many, the idea of filing for bankruptcy can be overwhelming. Not only does it require you to make important decisions regarding the future of your assets, but the process in and of itself can be incredibly complicated to navigate. However, if you’ve done research, you may have decided that filing for bankruptcy without the help of a lawyer is right for your circumstances. However, it’s important to understand that this is generally not recommended for a number of reasons. The following blog explores what you should know about these matters, including the importance of retaining the assistance of a Memphis, TN consumer bankruptcy lawyer.
How Do I Know if Bankruptcy Is Right for Me?
When you are in debt and have exhausted all debt relief options, you may want to consider filing for bankruptcy. While this process can have negative impacts on your credit, you’ll find that you can also receive much-needed relief. Typically, if you cannot choose any other debt-relief options, pursuing a filing is in your best interest.
You can choose Chapter 7, which is a typically six-month liquidation process for those who pass the means test. The other option is to pursue Chapter 13, which creates a three to five-year monthly repayment plan. Though this process is longer, it can help protect your assets as they will not be liquidated as in Chapter 7.
Can I Pursue Bankruptcy Without a Lawyer?
It’s imperative to understand that there is no law stating that you must be represented by an attorney when making the decision to file for bankruptcy. However, despite there being no law surrounding this matter, it is generally in your best interest to connect with an experienced attorney as soon as possible to discuss your legal options during these matters. Unfortunately, bankruptcy can be an incredibly complicated process, and trying to navigate this without legal guidance can lead to unfavorable outcomes.
Filing bankruptcy consists of a considerable amount of paperwork and an understanding of the bankruptcy code, regardless of the complexity of your case. As such, if you are unfamiliar with these matters, trying to file without legal assistance can result in your case being dismissed due to errors or delays. Additionally, if you fail to report all assets, income, and debts, you may be accused of intentionally trying to conceal or hide assets, which can result in criminal fraud charges.
Unfortunately, many assume that working with an attorney during the bankruptcy process is not necessary or an additional expense. However, discussing your circumstances with a professional is one of the most important steps you can take. At the Arnold Law Firm, our team understands that bankruptcy can be overwhelming. That is why we are committed to guiding you through these complicated matters. Contact us today to learn how we can assist you through these difficulties to help you receive the relief you need.
