Since you're declaring bankruptcy, it's probably hard to spend more money on legal fees.
Can you risk going through the process without consulting a lawyer? The answer is: No.
Bankruptcy is a complex matter that was made even more difficult because of recent changes to the bankruptcy code.
The new bankruptcy law has additional challenges for those trying to get away from their debts.
Although filing for bankruptcy is still a choice for many, the process is more difficult now than before.
One of these new changes includes a "means test.
" This test will determine your capability to pay your debts.
If you have a salary lower than the median income in your state, then the test is unnecessary.
But if your salary is higher than the median income, then you're required to undergo a more demanding process before you can clear off your debts.
You'll need to confirm your inability to pay by showing all your financial documents that show your income and expenses.
There will be lots of technical details involved in this process, so you'll want an appropriate professional helping you understand the proceedings.
You may have friends or family members who managed to go through personal bankruptcy without an attorney.
But it's likely they went through the process more than a few years ago.
Since the passing of the new bankruptcy reform act in 2005, things are a little different - more difficult, to be specific.
Hiring an attorney who specializes in bankruptcy is still a better idea than going through the proceedings alone.
It's a time-saving option that will help your financial life get back on track much, much sooner, making it an investment worth making.