Each client that comes into see me is unique, with their own background and reasoning for needing debt relief. Lately, I've had a few more come in that have attempted different options themselves without the advice of counsel including debt settlement, loan modification, and even filing bankruptcy themselves . It made me think, "Why do people choose to file themselves?" Maybe they think it will save them money. Others think that it might allow them to keep it a secret. Here are a few things to keep in mind before you try to file bankruptcy yourself.
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The bankruptcy paperwork seems simple, but there are quite a few mistakes that you can make that will ruin your case. What if you leave a creditor off? The court will not fully understand your debt-and you are still responsible for paying that creditor. Unfortunately, you'll have to pay that debt without the protection of the court which may make it impossible to pay your other payments.
Even if you are lucky enough to get papers the papers right, there are numerous issues that can come up after filing that could result in dismissal if you don't take the correct action.
Which of your debts can be discharged? Which property needs to be included? If you make these mistakes, the judge can dismiss your case and leave you with a bankruptcy on your record yet no benefits from eliminating your debt.
Any of these simple little mistakes could cost you more money and time than it would've taken to file with an experienced bankruptcy attorney.
So, before you decide to try and negotiate your debts alone, ask yourself this: "Can I afford to risk it?"
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