When you're facing serious financial trouble, bankruptcy can save you from unmanageable debt. Most people who file do so with the help of a bankruptcy lawyer, but is legal help really necessary? According to Pray Law Firm PA in North Little Rock, AR, an attorney is essential in most cases.

Understanding Bankruptcy

Filing Alone

Filing for bankruptcy without hiring a bankruptcy lawyer is possible. However, this approach is impractical in most cases. You'll need to choose a chapter to file under, assemble a list of all assets, determine which might be legally exempt from the process, and fill out a great deal of paperwork. For every asset in your possession and unique detail of your situation, the laws surrounding your bankruptcy grow more complicated. Unless you have the time and means to become an expert, you'll want a lawyer.

Chapter 7

The simplest Chapter 7 filings can be conducted without an attorney. If you have no exempt assets and don't need to create a repayment plan as you would under Chapter 13, there's little reason to hire a bankruptcy lawyer. However, if you have any doubts about whether you fall into this category, it's still a good idea to consult with an expert.

Is Bankruptcy the Right Choice for You?

Bankruptcy is designed to relieve you of all or most unsecured debt. However, if you have secured debts or certain types of debt, you need to consider your options. Debts such as child support or judgments against you in personal injury cases cannot be eliminated this way. A good bankruptcy lawyer will help you weigh the advantages and downsides of erasing only some of your debt.

The need for an attorney depends on your situation. If you aren't sure whether you’ll benefit from a bankruptcy lawyer, you most likely will. If you live in Pulaski County, Pray Law Firm PA will offer their legal expertise on a range of subjects, from bankruptcy to SSI benefits. Call them at (501) 771-7733 today for a free legal consultation.