Declaring Chapter 7 Bankruptcy Without Help

Bad idea! There are many reasons it’s better to gain the assistance of a Wichita Falls bankruptcy lawyer than trying to make the claim on your own. It may seem after a few internet searches that it isn’t necessary to obtain the help of a bankruptcy lawyer while filing for Chapter 7, but this couldn’t be further from the truth. Many pitfalls await those who try to go it alone.

Failure to Complete Necessary Paperwork

It is an understatement to claim there is a lot of paperwork involved in making a Chapter 7 bankruptcy claim. From proving that you make under a certain amount, to passing a Means Test, to even the most basic forms, it’s easy to miss a document during the process. Unfortunately, without the proper documentation, a claim is automatically denied. A bankruptcy lawyer will provide access to all the correct paperwork, as well as help you fill them out completely and correctly. There are also numerous rules to follow and fees to pay, so having a guide to help is the best choice.

Incorrect Property Exemptions

During Chapter 7 bankruptcy, it is required that nonexempt belongings be relinquished to pay off at least part of the debts incurred. There are some pieces of property, though, that are considered exempt from repossession. Bankruptcy lawyers are well-versed in the particular laws of the state and can notify you of any changes that may have taken place recently. A visit to a lawyer is worth the money because it helps keep creditors from unnecessarily taking your valuable belongings.

Even though a good bankruptcy attorney will cost money, it will save money and possessions in the long run. Attorneys are available to help you get the most out of a Chapter 7 bankruptcy claim and keep the creditors at bay.