The Desired Result May Not Follow a DIY Bankruptcy Filing

With the availability of online options and do-it-yourself instructions for just about every procedure, Ohio consumers who are experiencing financial problems may choose to search for remedies online. Online instructions may not cover all eventualities, and for a process such as a bankruptcy filing, obstacles may arise that need professional assistance. A skilled bankruptcy attorney can explain the pros and cons of all debt relief options and compare them with those of personal bankruptcy.

If the consumer decides to file for bankruptcy, legal counsel can help with filling out complicated forms that require financial information in very specific formats. There will be creditor’s meetings at which tricky questions might be asked, and the presence of an attorney can be helpful. He or she can explain all the bankruptcy rules and their intricacies that online instructions might not include. Only full understanding of all the details about Chapter 7 and Chapter 13 bankruptcy can allow the consumer to make informed choices.

Then there is the means test that will determine for which bankruptcy chapter the individual will qualify. This can be tough to do, and professional assistance may be vital to ensure it is done properly. The internet may not provide accurate information related to federal and state exemptions and how they could apply to the filer — a seasoned lawyer can work to find the maximum number of exemptions.

If the person decides to file for Chapter 13 bankruptcy, will he or she be able to draft a satisfactory repayment plan that would be workable without defaulting even once over a three- to five-year period. These are but some of the pitfalls and obstacles that can come across the path of an Ohio consumer trying to regain financial stability. While following online instructions may seem less costly, it may cost the individual the chance to a fresh start.

Source: superpages.com, “Top 10 Reasons You Should Not File Your Own Bankruptcy Case“, Accessed on Jan. 13, 2017