Filing for bankruptcy can be an uncertain and intimidating process. Going through it alone can make the process that much more daunting. While an attorney is not a requirement for filing for bankruptcy, it certainly helps ensure that a bankruptcy case proceeds smoothly.
A bankruptcy attorney will meet with the client first during a consultation to discuss the person’s financial situation to determine whether he or she needs to file for bankruptcy. Occasionally, it can be in the client’s best interest to wait before filing, but he or she may not realize that until talking through the situation with an attorney.
Additionally, the attorney will be able to help the client determine which type of bankruptcy to file. The most common forms of consumer bankruptcy are Chapter 7 and Chapter 13 bankruptcies. A Chapter 7 bankruptcy takes a few months and allows the consumer to liquidate the majority of his or her consumer debts, paying them with the sale of nonexempt assets. A Chapter 13 bankruptcy case takes anywhere from three to five years and involves the consumer working with the bankruptcy trustee on a repayment plan to pay down his or her debts.
While hiring an attorney does mean the consumer will be paying legal fees, the benefits of having an attorney assisting the consumer outweigh the costs. Bankruptcy attorneys know the process inside and out. They know and understand all the forms that are needed to open a bankruptcy case. This knowledge is extremely helpful since it is important all forms are filled out properly and fully. Any mistake in the forms could result in the person’s case being thrown out. According to a 2018 study by the American Bankruptcy Institute (ABI), pro se bankruptcy filers are 10 times more likely than filers who are represented by lawyers to have their cases dismissed or some of their discharge requests denied.
If the consumer is at all uncomfortable or unsure about the bankruptcy paperwork, it may be wise to at least consult with an attorney. A bankruptcy attorney will be able to help the client prepare the paperwork, submit all required documents, and will walk the consumer through the process from start to finish.
Even if a consumer is not able to pay for a bankruptcy attorney, many programs exist where consumers are given free legal services, depending on whether they qualify. Local and state bar associations can help guide the consumer in the right direction for these services.
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If you have questions on this topic or are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade Garcia McMaken has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade Garcia McMaken website at www.miamibankruptcy.com.
