A Chapter 7 Bankruptcy is also considered liquidation because all your property that is not exempt is sold to pay off your debts. A lawyer is essential in these proceedings because the complicated nature of these proceedings are not easy for someone who has not been to law school. If you attempt to do this yourself, you could end up losing more than you had originally planned.
A Bankruptcy lawyer is knowledgeable in all aspects of filing for debt relief which may not actually end up having to file for Bankruptcy. Your unique situation determines what is in your best interests. If a refinance would save you from filing Bankruptcy, your lawyer will tell you. Debt consolidation might also be a viable option. It might save a lot of headaches in the long run and you will not have to give up your home.
If your lawyer decides that Bankruptcy is the only option you have at the time, he will tell you which one you should file. If you are determined to save your home from foreclosure or your vehicle from repossession, a Chapter 13 should be filed. Your lawyer will handle all of this so that when the time comes for the automatic stay to be granted or a repayment plan to be approved, you will not lose it over a mistake that could have been avoided.
As you can see, unlike other matters that you may be able to handle without a lawyer, this is not one of them. A Bankruptcy lawyer can save you money in the long run by doing things right the first time. Different states have different rules about the exempt status of the belongings of the filer. Your lawyer will know the specifics of your state and how to handle this matter.
It is hard enough to face Bankruptcy and the probability of losing your home, your car, and all that you have worked for up to this point. Although a Bankruptcy is considered to be a way for you to start over with a clean slate, this is not always possible when all assets have been sold and you have nothing to start over with. This defeats the purpose of the Bankruptcy and should you try and handle this on your own that might be where you end up.
Therefore, before you head off in the wrong direction, thinking that you can represent yourself in this problem, just remember you have not been to law school, you do not know the first thing about filing petitions and asking for stays, so let your Bankruptcy lawyer take care of what he knows how to do. Do not cause yourself more problems than the problems you are already facing financially.
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