If you’re thinking about filing for bankruptcy, you’re probably at the end of your financial rope. You have been overwhelmed by a mountain of credit card debt, medical bills, mortgage payments, or all the above. You probably can’t imagine yourself taking on any more financial responsibilities or having to pay any additional fees at all.
Why not declare bankruptcy without a lawyer in order to save yourself some money? Well, there are some good reasons not to go in this direction.
There was a time when filing for bankruptcy without a lawyer was more feasible, and you may know some people who tell you that they were able to do so successfully. It was always a good idea to have a lawyer by your side, but it was at least possible in theory to go through the process yourself.
Things changed when Congress passed a bankruptcy reform law in the year 2005. The exact name of the law is long and complex, but what you really need to know is that the whole process has become more involved as a result.
The law is even more complicated than the name would suggest, which is why it is so important to have adequate legal counsel by your side at all times. A good lawyer can help you navigate the maze that is the bankruptcy reform law.
Consumer advocates, who disagreed strongly with this law, refer to it as the Bankruptcy Abuse Reform Fiasco (or barf). For the purpose of this article, whether this law is a good thing or not is actually beside the point.
The point is that the law is incredibly complex, and bankruptcy lawyers have to work hard just to keep up with it. They’re still waiting for courts to make sense of this new law, and no layperson could hope to keep up with these developments.
Trying to manage your own bankruptcy in order to save some money is not the way to go, especially after the new law that has taken effect. Bankruptcy is still a viable option for many people, but you have to get the right advice.
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