Chapter 7 bankruptcy is also known as liquidation because all of your nonexempt property is sold to repay your debts. The complex nature of these proceedings makes it impossible for someone who has not attended law school to handle them without legal representation. If you endeavor to accomplish this on your own, you may lose more than you anticipated.
A bankruptcy attorney is well-versed in all aspects of filing for debt relief, which may not require filing for bankruptcy. Your unique situation determines what is in your best interests. If a refinance would prevent you from declaring bankruptcy, your attorney will inform you. Additionally, debt consolidation may be a viable option. It could save you a great deal of trouble in the long run, and you won't have to give up your residence.
If your attorney determines that bankruptcy is your only option, he will advise you on which type to file. Chapter 13 should be filed if you are determined to save your property from foreclosure or your vehicle from repossession. Your attorney will manage all of this so that when it comes time for the automatic stay to be granted or a repayment plan to be approved, you will not lose it due to a preventable error.
Unlike other matters that you may be able to manage without an attorney, this one cannot be handled without one. In the long run, a bankruptcy attorney can save you money by doing things correctly the first time. varied states have varied rules regarding the tax-exempt status of the filer's personal property. Your attorney will be familiar with the particulars of your jurisdiction and how to handle this matter.
It is difficult enough to confront bankruptcy and the possibility of losing your home, car, and all of your hard-earned possessions. Although bankruptcy is often viewed as a means to start over with a clean slate, this is not always the case when all assets have been liquidated and there is nothing left to start over with. This defeats the purpose of the bankruptcy, and if you attempt to handle this on your own, you may wind up in this position.
Before you make the mistake of assuming you can represent yourself in this matter, keep in mind that you have not attended law school and that you know nothing about filing petitions and requesting stays; therefore, allow your bankruptcy attorney to do what he knows how to do. Do not add to the financial difficulties you are already experiencing.
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