Millions of people each year file for bankruptcy in the United States. The two most common types of consumer bankruptcies are Chapter 7 and Chapter 13, both of which have the potential to significantly improve a person’s financial situation. In some cases, bankruptcy may be able to help people facing foreclosure keep their homes and other valuable possessions. While it is possible to file bankruptcy pro se (without an attorney), it is very difficult and the assistance of a lawyer can often lead to a much final outcome for bankruptcy filers. In fact, the United States Government itself strongly recommends¹ that people who wish to file for bankruptcy do so through an attorney.
There are many ways that a lawyer can help a person who is considering bankruptcy. Some of the more common are detailed below.
Advise you if bankruptcy is the right decision for you – Bankruptcy is not the right decision for everyone. A bankruptcy lawyer will conduct a thorough analysis of your financial situation and advise you as to whether bankruptcy will be able to help you. In addition, unlike debt counseling or consolidation services, a lawyer is ethically bound to act in your best interest, so you can be sure that the advice you receive from an attorney is accurate.
Ensure that the documents you file with the court are complete and accurate – It is extremely important that the documents you file with the court provide an accurate portrayal of your financial situation. If they are not, you run the risk of being denied a discharge, or worse, being accused of bankruptcy fraud. An attorney who has experience in bankruptcy law will make sure that anything filing with the bankruptcy court is complete and accurate.
Help you take full advantage of the available exemptions – Under the Bankruptcy Code², there are various exemptions available that allow a filer to keep certain property out of their bankruptcy estate. By using all of the exemptions available, a person who files for bankruptcy can keep as much of his or her property as possible.
Contact a Long Island bankruptcy lawyer today to schedule a free consultation
People who are experiencing financial problems may be able to benefit from bankruptcy. For a free initial case review, call Long Island attorney Ronald D Weiss today at (631) 296-0361.
¹ http://www.uscourts.gov/FederalCourts/Bankruptcy/BankruptcyResources/FilingBankruptcyWithoutAttorney.aspx
² http://www.law.cornell.edu/uscode/text/11