The costs associated with engaging a bankruptcy lawyer can be high, however, in the long run, their services often save a bankrupt a lot of money. Simple mistakes in your petition can see the court dismissing it, forcing you to file again, and to pay the filing fees a second time. There is one important aspect of engaging a bankruptcy lawyer that most people forget – the law.
That may sound flippant, but it’s not meant to. When I say ‘the law’, I am not talking about general bankruptcy law. I am referring to areas that are not always apparent. A good example can be seen in states like California. They are about to change their laws related to bankruptcy, and it’s for the good of debtors, not creditors.
If you are filing for bankruptcy yourself, you need to rely on obtaining information yourself. This could be online, through a library, or through the bankruptcy court itself. The problem with many of these avenues is time. Looking at California, if they do decide to change the law relating to bankruptcy, more specifically in this case, homestead and other exemptions, it can take time for those avenues to catch up with these new regulations.
The Internet can be particularly slow given the way search engines like Google operate. If you were to search on a given bankruptcy topic, you are just as likely to see results that lead to publications from years old – not current. Libraries are not updated until the end of the month and bankruptcy courts will not have the latest information until it is reprinted and distributed.
Bankruptcy lawyers have that new information the day it becomes law. If you rely on your own efforts, there is a good chance you are filing a bankruptcy petition that isn’t based on the latest laws. Engage a bankruptcy lawyer and you know that your petition is going to be filed using the very latest data and claiming everything the courts will allow. Can you really risk filing for bankruptcy using outdated information?
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