Why You Need a Bankruptcy Attorney?
Let's face it; no one wants to face bankruptcy as a result of being overwhelmed in a sea of debt. But this is often the case when financial situations have not gone as planned and bills continue to pile up month after month. If this is you, then bankruptcy may be the solution for you.
We at COMPANY understand that filing for bankruptcy in Chicago IL can be very extreme. And despite the poor reputation that's associated with bankruptcy, such as the negative impact on your credit report and the effect it has on your morale in general, millions still filed for bankruptcy in this year alone. If you've come to the end of your road with debt and your financial situation is not improving and out of control, obtaining the assistance of a skilled attorney can assist you with this process - all while protecting as many of your assets as possible and reducing the complications associated with the process.
Is a Bankruptcy Attorney Really Needed?
Many people wonder if a bankruptcy attorney is really necessary. Especially since the process is extremely expensive - $310 for a Chapter 13 Bankruptcy and $335 for a Chapter 7, attorney fees can be well over $1000 to $3000. This may not seem practical considering you are already in a dire financial situation. So why spend even more money for legal representation if you don't necessarily have to?
Although it is not required by law to have legal representation, as many have resorted to filing pro se or without the use of an attorney, there is much risk involved with filing for bankruptcy without a skilled attorney. During the year of 2011, a report prepared by the US Bankruptcy Court of Central California indicated that 28% of the people who filed for bankruptcy did so without the use of an attorney (with 9% being on a nationwide basis). When filing a chapter 7 bankruptcy pro se, only 60.9% of the filers experienced a successful discharge of their debt, whereas 94.5% of the filers experienced success when represented by an attorney. There are complex rules that govern the bankruptcy process. One simple mistake such as missing a filing or court deadline, forgetting to add an asset, or even filling out a form incorrectly can result in you losing certain legal protection or having your case dismissed altogether.
We at COMPANY understand that the additional cost of using a bankruptcy attorney may seem financially overwhelming. However, our expertise can make a huge difference in the outcome of your case -- such as being fully discharged versus having your case dismissed due to a filing error.