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Going pro se, or filing a Chapter 7 bankruptcy case without legal representation, is welcomed in court. However, most financial experts recommend hiring a bankruptcy Chapter 7 lawyer to oversee your case. Many filers don’t see the benefits of having a bankruptcy. They say it just adds to their cost, but having one makes the process more efficient.
How To File A Chapter 7 Bankruptcy
Some Chapter 7 bankruptcy filers file pro se or without the intervention of a bankruptcy Chapter 7 lawyer. You save money on legal expenses, but many non-experts make severe blunders that prompt a judge to dismiss their plea for protection.
Steps In Filing For Chapter 7 Bankruptcy
Whether you are filing “pro se” or with a lawyer, here are the steps that you must follow:
Attend Credit Counseling
Everyone who files for bankruptcy is required by law to complete a credit counseling course and submit a certificate of completion to the court. The lesson takes more than an hour and costs more than $50. A credit counselor provides debt management plans as a substitute for bankruptcy.
Compile Your Financial Documents
All reports relating to your finances need to be submitted in court. This includes credit reports, tax records, pay slips, bank statements, investment certificates, car registrations, and real estate assessments.
Compile Your Financial Documents
Timetables, reports, and other forms that support your bankruptcy petition must be accomplished. Also, provide a list of your properties and obligations and explanations of your income, spending, overall financial status, rentals, or other agreements you must perform. You can download the necessary bankruptcy forms at the United States Courts website.
Complete And Submit Your Petition
Produce a printed copy of your petition and other required forms in single-sided format after you download and complete your official request for bankruptcy protection. Afterward, submit the documents to the bankruptcy court at your local courthouse.
Pay The Filing Fee
Pay the appropriate fee when you file. If you cannot pay in full, you may request that the charges be paid in installments. You may also request that the cost be waived.
Take Note Of The Specifics Of Your Case
Following your filing, the court clerk will inform you of the identity of the trustee managing your bankruptcy case, the case number, date, time, and place of your required meetings with your creditors.
Get In Touch With The Trustee
You are unlikely to meet or engage with the bankruptcy judge. However, the trustee appointed to your case will contact you by letter to request further facts. This includes papers like tax returns and financial records you gathered but did not submit in your petition.
Attend A Debtor Counseling Course
You'll need to attend additional debtor education classes. This must be provided by an accredited provider authorized by the U.S. The Trustee Program.
Attend The Scheduled Creditors’ Meeting
The trustee will place you under oath and allow creditors to interrogate you.
Why Retain A Bankruptcy Chapter 7 Lawyer
It is possible to stand for yourself in court. It depends on your circumstances if this is the best solution for you. But remember, retaining a lawyer increases your chances of filing for successful bankruptcy. Based on a 2018 report by the American Bankruptcy Institute, pro se filers often face rejection. They are rejected ten times more than those represented by bankruptcy Chapter 7 lawyers.
In addition, filing for bankruptcy may remain on your credit record for seven or ten years. That's why it's essential to think about employing a bankruptcy lawyer.
Summary
Filing for Chapter 7 bankruptcy is a major choice. After all, a bankruptcy filing will remain on your credit record for seven to ten years. Consider employing a bankruptcy Chapter 7 lawyer if you want a smooth process, or you may take the more difficult road by managing it on your own. Regardless of your route, Chapter 7 bankruptcy can provide you with a new start in financial management.
In Austin, TX, Lincoln-Goldfinch Law is your partner for bankruptcy solutions. Our expert bankruptcy attorneys provide the support and legal expertise you need to overcome financial challenges.
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