It is never a good idea to represent yourself before a court of law. This principle is especially true when it comes to bankruptcy proceedings. The laws surrounding bankruptcy are especially complicated and the procedural requirements that come with it are cumbersome and, at times, complicated.
It’s better if one were to opt for a bankruptcy attorney and not make the situation worse than it already is. As this article will examine, there are practical and legal reasons why you should leave this task to a professional.
Complicated Laws
Georgia’s bankruptcy laws are very complicated and are subject to change quite frequently, especially with the economic climate being as dynamic and vast as it currently is. The procedures and formalities that go with a bankruptcy filing are just as complicated and even more onerous.
With an experienced bankruptcy lawyer, you won’t have to worry about this aspect as they will be conversant with the laws, procedures, and formalities involved. They’ll also have ready access to any changes in the laws or procedures as they operate in the industry and sector on a daily basis.
Mistakes Can End Up Costing You Heavily
Listing your assets is one of the key elements in the entire bankruptcy filing process. You need to list your assets properly and under the correct categories. If not, you could end up losing all your assets or being charged with serious crimes (explained more below). A bankruptcy attorney will know how to list your assets properly and ensure that you don’t lose any assets unnecessarily.
Creditors Will Stop Harassing You
As per law, if you have hired a bankruptcy lawyer and filed for bankruptcy, creditors can no longer call you and harass you into paying your debts. A lawyer will not only prevent such communication but will ensure that any and all communication is kept civil and professional at all times.
There Are Different Types Of Bankruptcy
Under law there are different types of bankruptcy and in order to qualify for any of them, there are certain predefined conditions which one must satisfy before they file. A range of factors come into play including assets, outstanding debts, credit history, dependents, current income, etc.
A layman will not know which type of bankruptcy they qualify for and a lawyer will be able to guide them better. A professional opinion holds great value in such matters especially if a mistake could have serious potential ramifications, as is discussed in detail below.
Incorrect Filings
If any of your mistakes on a filing are considered suspicious or malicious in intent, the court can end up dismissing your application altogether and bar you from applying for bankruptcy again in the future, this can also cause you to get FTC subpoenas. There have even been instances where mistakes and incorrect listing of assets have been interpreted in the wrong manner, only with authorities to end up bringing charges of fraud and a financial crime against the filer.
A bankruptcy lawyer is trained to avoid these very mistakes. Moreover, having a lawyer handle all of these responsibilities will give you added protection because the responsibility of correctly filing applications is on the lawyer rather than you.
Chris Mcdonald has been the lead news writer at complete connection. His passion for helping people in all aspects of online marketing flows through in the expert industry coverage he provides. Chris is also an author of tech blog Area19delegate. He likes spending his time with family, studying martial arts and plucking fat bass guitar strings.