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When Bad Things Happen to Good People ...

Bankruptcy May Be Your Option

You can file your own bankruptcy petition. But should you?

Rugged individualism may not be an exclusively American trait, but it is one that this country was founded upon and which survives to this day in the "Do it Yourself" spirit that people in Oklahoma and across the country exhibit in anything, from starting a small business to home remodeling. In most cases, it is an admirable quality. But sometimes, such as being your own legal representative in a bankruptcy petition, it might not be the best choice.

The decision whether to tackle a problem on your own or whether to call in a professional usually involves asking, and answering some questions: "Do I know enough about what to do, or do I have the time and inclination to learn how?" "Can I be sure that I’ll do things right?" "What might happen if I make a mistake?" "Is the potential to save money by not hiring a professional worth the money that I might lose if things go wrong?"

You might ask yourself these questions if you are considering doing your own electrical rewiring of your home, or building your own swimming pool. And if you are in debt trouble and are thinking about petitioning for bankruptcy, you should not only ask the questions, but feel very confident in your responses.

Yes, you can file a bankruptcy petition on your own. But to take just one example, consider the documentation that you must complete, properly, and turn in to the bankruptcy trustee. Do you have the time to learn which ones you need? What happens if you forget one, or fail to complete it the right way? What if you leave out an important debt? What if one or more of your creditors challenge you based on what you have submitted? Can you afford, in dollars, to make a serious error in the desire to save some money on legal fees?

At the Colpitts Law Firm, we not only know how to navigate a bankruptcy petition from initiation to final discharge, we also have answers to many of the questions that our clients have about the process (including alternatives to bankruptcy). If you are thinking about using bankruptcy as a means of debt relief, and especially if you are contemplating doing it yourself, you owe it to yourself to schedule a free consultation with one of our attorneys first.

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