One of the downfalls of filing for bankruptcy is it can be expensive, and this is one reason many people file for bankruptcy without an attorney. While this can save you money on legal fees, you will still have to pay bankruptcy filing fees to get the ball rolling. If you decide to go through with a Chapter 7 bankruptcy on your own, you should be aware of the problems you may face. Filing for bankruptcy is not the easiest thing in the world to do, but it can be done successfully if you are meticulous and cautious when preparing the paperwork. Here are some issues to watch out for if you decide to file for Chapter 7 on your own.

No Legal Advice

The first issue with filing for bankruptcy on your own is the lack of legal counsel you will have. Filing for bankruptcy might appear like the right solution to your problems, but you may discover that it is not after you file, and this would be a waste of time, money, and credit ratings.

When you hire an attorney to assist you in this process, you will have his or her opinion, advice, and suggestions. Your attorney can review your unique financial state and let you know what the best route to take would be. Your attorney would also be able to tell you exactly how bankruptcy works, how it will help your situation, and how it will affect your future.

Without an attorney, you will be on your own. You will have to make all the decisions alone, and you will have to hope that you are making the right ones.

Difficulty Of Paperwork

If you decide to go ahead and file without an attorney, you should be prepared to fill out a lot of paperwork. Filing for bankruptcy requires filling out a petition for the bankruptcy, along with a variety of other documents. In these documents, you will be required to list every asset you own and every debt you owe. You will have to file additional documents if requested, and these must be filed by certain dates.

As you do this, it is imperative to make sure everything is completely accurate. If the trustee finds discrepancies or false information, he or she could dismiss your case, which would cause you to lose the money and time spent on what you have completed so far.

Loss Of Assets

Additionally, if you file for Chapter 7 without an attorney, you may be taking the risk of losing assets. The trustee has the right to seize certain things you own; however, there are ways to avoid this in some cases. The problem is that when you do not have a lawyer, you will not have advice about how to achieve this. This may result in losing things you have, such as bank accounts, tax returns, your house, or your car.

Timing Issues

Finally, you should also realize that timing matters in bankruptcy cases. Timing when you file for bankruptcy properly may help your case, but knowing when the right time to do this is not an easy task.

For example, filing quickly may help you avoid losing your home to foreclosure. In another situation, filing too quickly may cause you to lose assets you own. Before you file your bankruptcy documents, you should thoroughly research the timing of bankruptcy cases to make sure you file at the right time.

Filing for bankruptcy without a lawyer is possible, but it can be difficult. If you would like to talk to a lawyer about your bankruptcy situation, visit a site like http://timgeorgelaw.com.