In 2018, more than 461,897 people filed for Chapter 7 bankruptcy alone. With unemployment numbers on the rise and the uncertainty plaguing the economy in 2020, that number will likely be much higher.
If you’re considering filing for bankruptcy, you’re in good company. But before you can start filing, you need to think about how you want to handle the proceedings. For most people, this means looking into hiring bankruptcy lawyers to represent their interests.
So, do you really need to hire an attorney? Here’s what you need to know.
You Can File on Your Own
Believe it or not, you don’t technically need an attorney to help you file for bankruptcy. You can handle the process on your own.
If you decide to go this route, you’ll need to figure out which type of bankruptcy you want to file for and will have to handle all of the paperwork and documentation on your own. Though it’s time-consuming, filing for bankruptcy can save you money—and that’s money that you may not have otherwise if you’re petitioning for bankruptcy with the court.
That said, self-filing is something you should only consider if you have a fairly simple bankruptcy case. The more complicated your situation is, the more difficult it will be for you to represent yourself.
When Bankruptcy Lawyers Are Best
According to the legal experts at Bradford Law Offices, filing on your own isn’t the best idea. You need an attorney to help you make sense of the proceedings and make sure you’re filling everything out appropriately.
Making mistakes when filing can make it harder for you to get out of your bad financial situation completely. Your attorney will be able to give you advice on what to do, when to do it, and what type of bankruptcy will work in your best interests.
Which Method Is Best for You?
Deciding between hiring bankruptcy lawyers or learning how to file bankruptcy on your own is a matter of personal preference. Think about the complexity of your debt and how much time you’re willing to spend handling things on your own.