Filing Bankruptcy Online: Why You Should Hire A Bankruptcy Attorney

 

person-filing-bankruptcy-onlineFiling bankruptcy online may sound like a simple administrative task and deter you from hiring a bankruptcy attorney. With the various online do-it-yourself platforms available, what may seem like a simple process can end up being very complicated if it is not done correctly. Many debtors choose not to hire an attorney because they are unable to afford the attorneys fees. However, it is important to note that a botched bankruptcy filing may cost you more in the long run.

Filing Bankruptcy Online: Deciding whether bankruptcy is the right decision for you

Merely depending on guidelines online to determine if bankruptcy will be the most effective debt relief strategy for you may not be best way to make such an important decision. Each situation is different. In some cases, you may risk losing valuable property, in other cases you may owe debt that cannot be discharged in a bankruptcy filing. A bankruptcy lawyer will be able to advise you if bankruptcy is the right choice for you.

Filing Bankruptcy Online: Deciding which Chapter to file under

The most common types of consumer bankruptcy are Chapter 7 and Chapter 13. Each of these caters to different groups of individuals based on income, debt and property ownership.

Typically, Chapter 7 is preferred simply because it wipes out most unsecured debt and is a fairly quick process. It is designed to provide debt relief for lower income earners who owe a large amount of debt. Once your debt is discharged in a Chapter 7 bankruptcy, you are no longer obligated to pay it back. Bankruptcy law requires that each debtor undergo the means test to determine eligibility for a Chapter 7 bankruptcy. If your median income is less than or equal to the average median income for the state in which you reside, then you may file a Chapter 7 bankruptcy. If your income surpasses the median income, then you have to undergo additional parts of the means test to demonstrate to the Court that you will be able file a Chapter 13 bankruptcy. Just because you qualify for a Chapter 7 bankruptcy does not mean that you have file a Chapter 7 bankruptcy.

For those filers who are facing foreclosure on their homes, a Chapter 13 bankruptcy may be a better option. In a Chapter 13 bankruptcy, you are also required to submit a proposed payment plan demonstrating to the Court how you will use future income to pay back debt over time, usually between three to five years.

Bankruptcy law is extremely strict with regards to eligibility for a Chapter 7 or a Chapter 13 bankruptcy. Filing under the incorrect Chapter could potentially have adverse, long-term financial effects.

Filing Bankruptcy Online: Gathering Paperwork for your bankruptcy petition

Like any other legal process, filing bankruptcy consists of a considerable amount of paperwork. In addition to filling out the standard bankruptcy forms, you are also required to submit a plethora of documents as evidence of your current financial situation. If your forms are filled out inaccurately or if you do not include the correct documents, your case may be severely delayed, and even dismissed.

Filing bankruptcy online: Protecting Your Assets

When you file bankruptcy, there are certain assets that are not protected under bankruptcy exemptions. Bankruptcy exemptions vary from state to state. If you are not well versed in bankruptcy law, you may lose valuable property.

Filing Bankruptcy Online With Attorney Representation

At ZocLaw.com, you can get the best of both worlds: file your case online with legal representation. This is how it works: schedule your free initial consultation, work out your monthly payment plan, submit your documents through our online portal, attend your credit counseling and 341 meeting, and get your bankruptcy discharge.

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