On behalf of Ellett Law Offices , P.C. posted in 1. Chapter 13 on Friday, March 9, 2012
The Administrative Office of the U.S. Courts recently unveiled new information regarding bankruptcy filings in the country. The data shows that over the past five years – spanning the subprime mortgage collapse – personal bankruptcy filings, such as Chapter 7 and Chapter 13, have doubled. During the same period, personal bankruptcy filings where the party did not have legal representation nearly tripled.
A 187% increase in these pro se bankruptcy filings is a worrying sign for Arizona residents. Pro se bankruptcy filings in the state topped out at 8,726 in 2010, nearly three-and-a-half times the amount in 2007. Chapter 7 and Chapter 13 bankruptcy filings can be complicated, and it is possible that by going through the process without legal representation, you could unknowingly make an error that puts your financial well-being at risk.
Considering the potential for a critical mistake that could ruin your filing, it is important to seek legal counsel. Arizona was hit hard by the recession, as bankruptcy filings jumped from 10,900 in 2007 to 36,000 last year. With so many Arizona residents in financial peril, now is not the time to skimp on an attorney to save a buck or two. The potential harm done to your filing by making that decision greatly outweighs the fees accrued by having legal representation.
An experienced bankruptcy attorney understands the stress you are under, and could accommodate your fiscal situation with a financial agreement that gives you the breathing room to enjoy the support of an attorney. Remember – bankruptcy is rarely a straightforward endeavor, especially Chapter 13 filings. Having legal knowledge on your side can only help your case.
Source: Inside Tucson Business, “More Arizonans are filing for bankruptcy without legal help,” Patrick McNamara, Feb. 23, 2012
Tags: Chapter 13, personal bankruptcy, pro se bankruptcy
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