It’s a Bad Idea to Handle Your Own Bankruptcy
December 5, 2019 By: Carrie Weir
Good Reasons Not to Represent Yourself in a Bankruptcy Proceeding
It’s understandable—you’re struggling to make ends meet and have concluded that filing for bankruptcy is your best option. You really don’t have the money for anything but the essentials, and you certainly don’t want to spend the money for a lawyer. You may think, “Hey, my situation’s not that complicated… Maybe I can save some money and handle the bankruptcy on my own.”
It’s bad idea, and here’s why:
- It’s not a simple process—Under the current bankruptcy laws, individual debtors generally have two options—Chapter 7 and Chapter 13. It’s not necessarily possible for you to choose either one. You must qualify to discharge debts in Chapter 7 by submitting to a means test. That test alone is a complex computation, one that easily can be done incorrectly. You might file under Chapter 7 only to have the court (or your creditors) allege that you don’t qualify.
- The bankruptcy process involves many documents and deadlines—If you miss a deadline or fail to file the proper documents, your petition may be denied or delayed.
- Bankruptcy may not be the solution to your specific financial problems—If you think bankruptcy will help with student loan arrearages, tax debt, or child support obligations, you may be wrong. The discharge of these types of debts is limited, if not prohibited, in bankruptcy.
- You may fail to protect personal property—When you seek to discharge debts in Chapter 7, you must make certain assets available to the bankruptcy court, typically to be sold to satisfy your creditors. However, some property may be exempt from this process. You need an experienced and knowledgeable attorney to help you know what property you can keep.
Contact Heath, TX Bankruptcy Attorney Carrie Weir
I offer a free initial consultation to all potential bankruptcy clients. Contact my office by e-mail or call me at 972-772-3083 for a private meeting. With offices in Rockwall, Texas, I represent clients in Heath, Greenville, Lavon, Wylie, Mesquite and Rowlett.