Filing for Bankruptcy Protection by Yourself? It is more than just about Completing Paperwork
by Matthew Grech | Mar. 16, 2015 | Article |
I recall a conversation between a Bankruptcy judge and Chapter 13 trustee where the two of them, with their extensive collective experience in the Bankruptcy court system, could only recall one instance where a person successfully completed a Chapter 13 Bankruptcy without an attorney of record. This conversation helps illustrate that filing for Bankruptcy protection is in fact more than just about completing paperwork. The fact is that the filing for Bankruptcy protection by oneself, whether under Chapter 7 or 13, is a challenging undertaking due to the complexities of the United States Bankruptcy Code, Local Bankruptcy Rules and District Procedures.
The misconception that filing for Bankruptcy protection is a straightforward and easy task, and can be done without the assistance of a qualified attorney, can have costly repercussions. This can be illustrated by highlighting another common misconception about filing for Bankruptcy protection, which is the incorrect belief that when a person files, her property will automatically be taken from her. The fact is that this rarely happens when a person is represented by competent, qualified counsel.
Protecting a person’s assets is one of the main objectives upon filing for Bankruptcy protection. However, many, if not most, people are unaware as to how to accomplish this goal on their own, and it is precisely this lack of information that can subject one’s car, home, etc. to liquidation, turnover to the trustee and distribution to creditors. Given the potential risks involved with filing for Bankruptcy protection by oneself, one would be well advised to contact a qualified Bankruptcy attorney and obtain a consultation before going down this path.
To further explore what Bankruptcy can offer you, please call Grech Legal at 650-743-2548 for a free debt consultation.