Should You Hire a Chapter 7 Bankruptcy Lawyer?

If you are considering hiring a Chapter 7 bankruptcy lawyer, there are several things that you are going to want to consider. Chapter 7 bankruptcy is a big step in your financial life and you want to make sure that you handle it correctly. Here are some of the pros and cons of hiring a bankruptcy lawyer when filing chapter 7.

Advice

By hiring a lawyer before you file Chapter 7 bankruptcy, you will be able to get advice from someone that has completed this process before. As an individual, there is a good chance that this is your first attempt at filing Chapter 7 bankruptcy. This means that there is a lot about the process that you do not know. In fact, you may not even know if you actually qualify for Chapter 7 bankruptcy. When you hire a lawyer, they will be able to look at your financial situation and help you determine if you meet the qualifications to file. They will also be able to take you by the hand and walk you through the entire process. This can be very valuable when you are trying to get through such a trying time in your life.

Paperwork

The process of filing Chapter 7 bankruptcy involves a fair amount of paperwork. Your lawyer will be able to sit down with you and help you complete all of the paperwork. You will have to fill out paperwork about all of your personal and real property that you own. You will also need to document your income and your spouse's income. You will also have to come up with information about your monthly living expenses. You will have to fill out a number of forms and file them at the proper time in order to successfully get through the Chapter 7 bankruptcy process. Having a lawyer will help you fill out the paperwork properly and submit it according to the necessary deadlines.

Trustee Meeting

Another benefit of having a Chapter 7 bankruptcy lawyer is that they can accompany you to your trustee meeting. Meeting with the trustee is a vital part of the Chapter 7 bankruptcy process. It is at this point, that the trustee determines what property they can take from you and sell to repay your creditors. This process can be very intimidating because you will be in a formal setting and you will be required to answer questions from the trustee. With a lawyer, they can attend the meeting with you and help you answer the questions. This will help you avoid making any mistakes along the way.

Costs

Perhaps the biggest disadvantage of using a lawyer during Chapter 7 bankruptcy filing is the cost. Since you are filing for bankruptcy, there is a good chance that you do not have a lot of extra money lying around. Therefore, the thought of paying someone for something that you could potentially do yourself may not make sense to you.

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