Over 10,000 Bankruptcy Cases Filed
Chapter 7
Chapter 7 bankruptcy is the type of bankruptcy that most people think of – straight bankruptcy with a complete discharge of your unsecured debts, resulting in a fresh start. The benefits are numerous: no more harassing phone calls, no more interest-only payments that get you nowhere, no more lawsuits, and more.
Read MoreChapter 13
While Chapter 13 bankruptcy has existed for many years, the 2005 changes in the bankruptcy laws as well as the combination of widespread 2nd mortgages and declining home values has made it far more popular than ever before. The change in bankruptcy law means that some people can only file Chapter 13 bankruptcy, while the state of the real estate market means that some people are better served by Chapter 13 bankruptcy.
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Do I need an Attorney to file Bankruptcy?
This is a very common question by clients, and the short answer is that while it is technically possible to file without an attorney, it is not recommended. Every year, thousands of people across the nation file for bankruptcy without an attorney. With a plethora of bankruptcy self-help books on the market that claim to teach you everything you need to know to get through a personal bankruptcy, it is easy to assume that it will be an easy process. For the majority of people, they soon find that it is much more complicated than they imagined. Even if a person could familiarize themselves intimately with bankruptcy law, the procedure, local practices, local rules, and preferences of each judge are all factors that only a seasoned Ontario bankruptcy attorney in your area will know. Missing a deadline, violating a local bankruptcy rule, or even filing paperwork that a judge does not prefer can cause problems within your case. Furthermore, even if these were not obstacles, errors or incomplete paperwork can quickly lead to the demise of your bankruptcy. Therefore, it is always recommended to retain a bankruptcy attorney Ontario to guide you through the pitfalls of the bankruptcy process.
On top of the obstacles that you can avoid, an experienced bankruptcy attorney can maximize all of the advantages that bankruptcy has to offer. For example, stripping a second mortgage off of your house in a Chapter 13 is a powerful option that the bankruptcy code allows, but which is extremely hard to do on your own. A similar process is available to strip a judgment lien in a Chapter 7, but again is a complicated issue to do on your own. In addition, an Ontario bankruptcy attorney can properly utilize exemptions within bankruptcy, and protect as many of your assets as possible. This is very important, as many times attorneys can protect all the assets of clients entering a Chapter 7 case, otherwise known as a “no asset” cases. In these cases, no assets are taken from the client, and their debts are discharged without any distribution to creditors. Furthermore, an attorney will advise you on issues that are years in the making that you may not consider. For example, a good attorney will advise you to record a judgment stripping the second mortgage off of your home, so that there are not title issues with your property when you go to sell it years in the future.
Finally, and most importantly, an attorney is able to give you options, see legal ramifications that may be years in the future, and can help preserve as much of your assets as possible. Therefore, while it is technically possible to file your own case, it is essential to retain bankruptcy attorneys Ontario, such as the reputable and experiences attorneys at Wadhwani & Shanfeld, A Professional Law Corporation.