If you're the kind of person who likes to do everything by yourself, you may be tempted to take the same approach when declaring personal bankruptcy.
After all, why go through the hassle and expense of hiring a bankruptcy lawyer to help you with your case if you can simply go through the process yourself and save some money? Well, I'm here to tell you that this way of thinking can get you into some serious trouble down the road.
In case you didn't know, the bankruptcy laws have changed during the last few years.
Congress passed the new bankruptcy law that has placed additional requirements on anyone trying to file bankruptcy, and the law has become much more complex and difficult to interpret.
Even lawyers have complained about the complexity and have to work hard to keep up with the latest court rulings and developments.
What does that mean to you? Well, it means that going through bankruptcy without an attorney is simply not a smart thing to do.
This is a serious financial step and should not be taken lightly, so you should make sure to get the best financial advice and legal advice possible.
It may seem like a good idea to try and save some money, but you could end up paying for it severely in other ways.
Your lawyer needs help you understand how the new bankruptcy law applies to your situation, and trying to go through all of this by yourself is simply not an option at this point.
For example, if your income is greater than the average salary for your state, you may have to participate in something called a means test in order to demonstrate your need for bankruptcy.
This test requires you to carefully document your income and expenses so the bankruptcy court can see whether bankruptcy is a reasonable necessity in your case.