If you are considering filing for bankruptcy then you may also be thinking about whether you need the help of a lawyer to guide you through the process. Declaring yourself or your company bankrupt is not something that you have probably done before so the answer to this question in most cases will be that you will find the help of a lawyer useful here.
This is especially the case in business bankruptcy. Even the smallest business can be hard to wind down here and the rules and regulations governing your actions in this kind of scenario can be hard to understand. You’ll simply make it easier for yourself and make sure that you get things right with some professional advice.
It is possible for individuals to file for bankruptcy themselves but you should take some time to read through all that is involved in this process before you do so. It may well be that you find that you need some advice and help with a bankruptcy proceeding from a bankruptcy specialist.
In some cases you may find that you can use a general practice lawyer who has some experience of managing bankruptcies. In others you may prefer to use a bankruptcy specialist who does not practice in any other legal area. The choice you make here is really down to your circumstances and to your own personal preferences.
One of the main reasons that people opt not to hire a lawyer here is the cost. After all, if you are thinking about declaring yourself bankrupt then the additional costs of legal help may be too much for you to bear. But, there are some other options that could help with this.
In certain instances, for example, you may be allowed to wrap your lawyer’s fees up into the debts that you already owe and in others you may qualify for free legal help if you are on a low income. And, some bankruptcy lawyers will offer their services free on a pro bono basis so this may also be an option worth looking at.
It doesn’t matter what kind of legal service you ultimately use — if you do opt for the help of a lawyer in your bankruptcy then you do need to make sure that they are qualified and experienced. Filing for bankruptcy involves adhering to a lot of specific processes and procedures so it is important to get things right here so that you are not punished for mistakes and omissions.
The problem for many people who choose not to use bankruptcy lawyers during this process is that they themselves can easily make mistakes as they have no previous experience of going through this process. If this happens then you could find that you are not adhering to the necessary rules and regulations and you could be sanctioned.
A lawyer here will also make sure that you keep whatever you are entitled to keep in terms of your property and assets. Again, this could be hard for you to assess yourself without the necessary experience behind you.
