In looking for advice and services in preparation for a bankruptcy filing, you may have come across advertisements or solicitations from a bankruptcy petition preparer, and noticed that these individuals are somewhat cheaper in cost than compared to hiring an attorney. There is a reason for this.
In bankruptcy law, a petition preparer is an individual or business not authorize to practice law that prepares bankruptcy petitions. Under your guidance, a bankruptcy petition planner will charge a fee to prepare bankruptcy documents by using a form or generating the information in a software program. The reason the fees associated with a petition preparer are lower than hiring a competent attorney is that a petition preparer cannot tell you which bankruptcy to file, which debt you should list and which you shouldn’t, which type of assets not to list, and what properly you can exempt from the bankruptcy proceedings.
Bankruptcy petition prepares are governed by the bankruptcy code, and act no more than a secretarial service by law. With this in mind, you are still filling bankruptcy on your own. Only if you understand the bankruptcy law completely and thoroughly should you ever attempt to do this. The federal bankruptcy courts even recommend hiring an attorney in order to increase your chances for debt discharge. Hiring a petition preparer may seem like a good idea, as you are already experiencing a degree of financial turmoil, however, seeking the advice of a bankruptcy attorney in Dayton will most likely pay for itself in saving your home, not to mention, saving money by getting directions as to which assets and debts can be discharged and which can’t.