Bankruptcy is a complex legal process that has a lot of laws and procedures that may feel overwhelming if you aren’t properly trained to deal with them. Nevertheless, some people are still choosing to file for bankruptcy without help from a lawyer. This is known as “pro se” or DIY bankruptcy. While a DIY bankruptcy may appear to be a great option (especially if you want to save money by not paying for a bankruptcy attorney in Tampa), you need to understand the risk you’re taking and the pitfalls you may encounter here.
There’s a lot of room for errors.
Whenever you decide to file bankruptcy, there are several forms you must complete and submit to the court. This includes detailed information regarding your assets, debts, income, and expenses. You’ll need to be very detailed and accurate here. Any errors could lead to your DIY bankruptcy being denied by the court.
The Means Test is complicated.
Before filing for Chapter 7 bankruptcy, you must determine if you have a low enough income to file bankruptcy under this chapter. To do so, you must compare how much you make each month to your state’s median income. While doing so, you need to also consider your expenses and secured debt payments.
Negotiating with creditors isn’t always possible.
A bankruptcy attorney in Tampa does more than simply guide you through the process of filing for bankruptcy. They’re also responsible for negotiating with your creditors. For instance, in a Chapter 13 bankruptcy, your bankruptcy attorney in Tampa will negotiate your repayment plan to ensure that it’s manageable.
It’s easy to miss deadlines with a DIY bankruptcy.
When you file for bankruptcy, you’re faced with a lot of deadlines. You’re also required to fulfill certain obligations (e.g., credit counseling, debtor education). If, for some reason, you miss one of these deadlines or overlook any of the court’s requirements, you may have your whole case dismissed by the court.
The process is stressful and time-consuming.
When you file bankruptcy, you’ll find yourself under a lot of stress, even when you’re working with a bankruptcy attorney in Tampa. With a DIY bankruptcy, you’re faced with even more stress. This is because it takes a lot of time and effort to understand and navigate the legal system. Additionally, there’s the emotional toll you’re under when dealing with the court, your creditors, and the Trustee who’s assigned to your case.
You’re less likely to be successful with DIY bankruptcy.
According to several studies, the success rate of a Chapter 13 bankruptcy that isn’t filed with the help of a bankruptcy attorney in Tampa is much lower than if you have legal representation when you file bankruptcy.
Hiring a bankruptcy attorney in Tampa ensures the process goes smoothly.
Save yourself all this hassle by hiring an experienced bankruptcy attorney. This should be the first step you take when you decide to file a case. Their solid guidance will help you determine which of the many types of bankruptcy you should file for. Only an experienced lawyer will know which is best for you.
If you reside in Tampa, FL, Weller Legal Group is one of the most highly reputable law firms in the area. They specialize in bankruptcy cases. With over 20 years of experience, their team of skilled attorneys provides exceptional legal representation and personalized attention to each client. They’re also known for their commitment to achieving favorable outcomes for their clients and their strong advocacy skills in the courtroom. When you are prepared to initiate your bankruptcy case, it is important to contact the appropriate party. Failing to do so could potentially harm your own interests.
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