Should You Claim Bankruptcy Without an Attorney?

Each and every year thousands of people contemplate whether to claim bankruptcy in order to repair their troubled finances, yet many of these same people know nothing about the process itself. Filing for personal bankruptcy is a serious undertaking that can have lasting consequences on your credit and your valuable assets. Because of this, it makes sense to have a thorough understanding of what to expect before, during and after the process. While some people may feel comfortable forging ahead on their own, it’s often recommended that potential candidates seek the counsel of a qualified attorney, specifically an attorney that specializes in personal bankruptcy.

So then the question is should you hire an attorney or should you just proceed on your own? This is an interesting question, particularly since having an attorney is not legally mandated in order to file for bankruptcy. With that said, there are several reasons why an attorney may be a good idea –

•    Review of Your Personal Finances – because an attorney will have a trained eye when it comes to money matters, they will be able to help you assess your current financial situation. You may discover that there are some alternatives to bankruptcy that better align with your personal situation
•    Type of Bankruptcy – an attorney can help you choose between the two most common types of protection – Chapter 7 and Chapter 13. There are some very important reasons why you might choose one form over the other, and an attorney can help you make the right choice
•    See You Through the Process – a qualified attorney can help you determine how to claim bankruptcy, meaning that they will walk you through the process. Most attorneys will tell you what to expect during and after the process and can even help you to fill out claim forms prior to filing.

As you can see, there are many reasons why one would choose an attorney for their bankruptcy filing. Although the associated fees for an attorney can range from $1,000 to $3,000 per individual case, the peace of mind you gain may be worth the cost in the end.

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