This is a common question, and a valid one considering an individual’s reason for filing and the cost of attorney’s fees. If you are unsure about filing bankruptcy and how it may affect your property and financial future, you want to seek the advice of an attorney. Many bankruptcy attorneys are available to meet with you at no initial cost and can help you determine if filing is right for you.
Bankruptcy is a complicated area of law and requires strong critical thinking skills. An attorney, or individual filing on their own, must be able to understand what facts and assets are relevant in their case and how to present that information to the court. In determining what property, you can keep after filing the bankruptcy you must be able to read and apply sections of the bankruptcy code to each asset listed. Failure to do this properly will put that asset at risk.
A filing party is required to complete statements that disclose various transactions that occurred up to the point of filing. All statements filed with the court are done so under penalty of perjury. Some of these transactions may put friends and family members at the mercy of your bankruptcy Trustee without you even realizing.
Once a chapter 7 bankruptcy has been filed it cannot be voluntarily dismissed by the debtor. Failure to follow through with the bankruptcy could mean losing property and still owing the debt that drove you to bankruptcy in the first place. A skilled attorney can advise you on how to minimize the potential risks in your case.
To put it plainly, when it comes to bankruptcy, you don’t know what you don’t know. Not knowing or understanding the consequences associated with filing your case is not a pass for leniency. If you are uncomfortable or unsure about filing bankruptcy, it is best to talk with an attorney who practices bankruptcy. Not having to do this alone will provide you with peace of mind, and that is an invaluable feeling.