Why do you need a bankruptcy lawyer? It’s almost like learning a new language in complexity. If you have the time, and a lot of it, then maybe you can file. It’s not impossible. But for busy Texas residents who already lack time, choosing to work with a professional lawyer is invaluable.
This blog post will answer 5 important questions on Texas bankruptcy.
Why hire a lawyer?
What can they do?
How much time will it take?
How much will it cost?
Is doing it yourself cheaper?
So why do you need a lawyer?
As noted, if you have the time and understanding of legal practices, it is possible. A lawyer is invaluable in proving eligibility for bankruptcy, in choosing the form of bankruptcy best for you, and in consulting with you in cases of problems. Say for example you want to file Texas Chapter 7 bankruptcy. Chapter 7 can eliminate thousands if not tens of thousands in major debts, including credit, medical, and mortgage. But there are factors in filing you simply will not know. What happens if you make a mistake? What happens if you are not eligible? Or if one of your creditors tries to lift the automatic stay, how can you protect your assets and property from collection?
What can a Texas bankruptcy lawyer do?
He or she can decide your best options from the beginning, saving you invaluable time and money. A lawyer can help you discharge the most debt, buy you time to pay off debts for assets you want to keep, stop creditor harassment, and save you from losing everything.
How long will it take?
Let’s go beyond hiring a Texas bankruptcy lawyer and consider the time of the process. A Chapter 7 bankruptcy typically takes a matter of months; you are then discharged of the majority of your debt. A Chapter 13 bankruptcy is much more time consuming, but beneficial in its own way; it takes 3-5 years, which is good because it buys you time to pay on debts instead of losing property and assets.
How much will filing Texas bankruptcy cost?
In comparison to how much money you save, a very small amount. Chapter 7 is $299 for a court fee, then you pay your lawyer a fee; Chapter 13 is $274, then lawyer costs. Most lawyers are willing to work with you on payment, but the general rates go from $1,000 to $2,000, depending on the complexity of your case. If you could save your home for $2,000, would you? If you could discharge $50,000 in debt for $2,500, would you?
The Do-It-Yourself Question with Bankruptcy
If you have no legal background, especially no prior experience with bankruptcy law, this is like defending yourself in court for a crime. You would not know where to begin. It costs too much time and therefore money to do it yourself. If you are considering filing bankruptcy without legal help, it may take months of study, and even then you can make mistakes. A lawyer learns a lot in law school, and his or her value is also the years experience working in and out of court.
