Why Legal Help Is Vital for Bankruptcy
Many people do not realize the complexities involved with filing bankruptcy. The U.S. Courts’ website contains numerous bankruptcy forms. Understanding the forms alone is an overwhelming task. Bankruptcy filing must also comply with tax laws and protect against any potential challenges from creditors.
In addition to providing expertise and legal advice relating to the feasibility of bankruptcy and your financial future, an experienced bankruptcy lawyer also takes care of all the bankruptcy details for you by doing the following:
- Selecting and filling out the correct forms
- Submitting forms in a timely manner
- Attaching all necessary additional documentation
- Ensuring your list of debts covers every debt you want to discharge
- Ensuring all your assets are properly disclosed
- Helping you work out a Chapter 13 repayment plan
- Submitting correct amounts for court fees
- Meeting all court deadlines
- Ensuring no preference payments exist
- Checking to see if liens are perfected
Attorneys can ensure you choose the bankruptcy chapter that benefits you most. Your bankruptcy lawyer also ensures you took no actions that would make your bankruptcy subject to dismissal (rejection). For example, a fraudulent transfer is something many people may not understand. You may think it is an innovative and clever idea to give a relative your jewelry to keep for you so you do not have to claim it as an asset during bankruptcy. However, this action violates bankruptcy statutes and the bankruptcy court would probably consider it a fraudulent transfer resulting in litigation against the family member and potential action to deny a discharge in the bankruptcy case.
The U.S. Courts say that few people can successfully file bankruptcy without the help of a lawyer and they do not recommend it. You should consult a bankruptcy lawyer to take advantage of the attorneys’ knowledge, expertise, experience, expert analysis, to avoid delays, and ultimately to obtain a successful bankruptcy result.