When you’re in an overwhelming amount of debt and want to file for bankruptcy, it’s important to understand that this process can be incredibly complicated. Not only do you have to try to navigate handling your debt while filing, but the actual process can be incredibly overwhelming to navigate. As such, you may have taken the time to research your options before ultimately deciding that you don’t need a lawyer to file for bankruptcy. If this is the case, you’ll want to continue this blog to learn why you should consider working with an Orange County bankruptcy lawyer is critical if you choose this option.
How Do I Know if Bankruptcy is Right for Me?
For many, filing for bankruptcy is not a decision that comes lightly. As such, bankruptcy is often one of the last resorts due to the impact it can have on your credit score. Generally, however, if you have trouble managing your debts, your owed debts are more than your income, you are facing creditor harassment, or creditors are taking measures like lawsuits or foreclosing your home, filing for bankruptcy may be in your best interest.
When considering bankruptcy as a consumer, it’s important to understand your options. Typically, you can pursue Chapter 7 or Chapter 13. If you choose to pursue Chapter 7, which is a short, six-month liquidation process in which your assets are sold to repay creditors, you must first pass a means test. Essentially, you must prove that your income is less than the average for households of a similar size in New York. If you do not want to liquidate your assets or do not pass the means test, you can file Chapter 13, which requires you to start a three-to-five-year repayment plan but protects your assets in the process.
Can I Try to File for Bankruptcy Without a Lawyer?
While there is no law stating that you must have an attorney to represent you if you wish to pursue bankruptcy, it is strongly recommended that you obtain the assistance of an experienced lawyer for this process. Filing for bankruptcy, also known as filing pro se, is an incredibly complicated process and often leads to less-than-ideal outcomes for the filer. You’ll find that often, trying to file on your own can lead to errors in the process, such as forgetting to submit paperwork on time or including certain assets when filing. Both of these matters can lead to the dismissal of your case, and in the case of failing to report assets, can result in a fraud charge against you.
There are a number of complicated matters that can arise when you file for bankruptcy, and you’ll need an understanding of the bankruptcy code to navigate this process.
As you can see, filing for bankruptcy is incredibly complicated, and making errors can result in your case being dismissed, meaning you won’t get the relief you need. In extreme circumstances, errors, even when unintentional, can result in criminal charges against you. That’s why connecting with an experienced attorney is in your best interest during these difficult times. At the Law Offices of Michael D. Pinsky, P.C., we understand that this is overwhelming. That’s why our dedicated team is committed to providing you with the best possible legal advice to ensure you can make the most informed decisions for your needs. Contact us today to learn more.
