The Pros And Cons Of A DIY Bankruptcy In Calgary

It’s always tempting to save money, especially when one is already so far in debt that only a lawyer can help dig a person out. Consumers who want to avoid the legal fees associated with hiring a bankruptcy lawyer in Calgary might think they can handle all the paperwork and court date scheduling on their own. Unfortunately there are just as many cons to this as there are pros.

Pros to doing an Albertan bankruptcy on one’s own:


1. Filer only has to pay court paperwork filing fees. No lawyer or other legal fees are involved.

2. All of the necessary paperwork can be accessed and requested either online or at the nearest courthouse.

3. Filer can pick his or her own court date and fit it in around his or her schedule instead of the lawyer picking the date and the client having to take time off or cancel other important appointments.

4. Filer can access court documents and print copies after the case is over and doesn’t need to ask a lawyer to send copies when they are needed in a hurry.

5. Filer will not have to budget funds every month to pay for the lawyer’s fees for the next year or two after the bankruptcy has been discharged.

Cons to doing an Albertan bankruptcy on one’s own:

1. Filer does not have the legal clout in court with creditors and lenders that a lawyer would.

2. Filer does not have the legal knowledge to get lenders and creditors to agree to certain terms of settlement or repayment.

3. Filer cannot redirect harassing phone calls to a lawyer; the filer has to deal with them on his or her own.

4. The late or incomplete filing of any Calgary bankruptcy paperwork results in extra legal trouble for the filer.

5. Legal questions regarding what a filer can keep versus what he or she might lose still need to be asked of a lawyer, and since most lawyers won’t advise or provide that information without a retainer, the filer would be really lost and confused and possibly sign paperwork that would render all of their assets accessible and for sale to the lenders and creditors. That’s a big mistake nobody would ever want to make.

Contemporary business people working in team in the office

In addition to the above, there is a high probability rate that lenders and creditors could threaten to sue and secure any and all valuables owned by a filer. If the filer is attempting a DIY bankruptcy, he or she would have absolutely no legal help or defence and would be crushed under the court proceedings. It’s just better all around for anyone who’s considering bankruptcy in Alberta, Canada to seek a lawyer’s assistance right away or ask for a consumer proposal from a licensed debt trustee. This ensures that any additional pressure, pain and suffering applied by lenders and creditors falls on the shoulders of the lawyer or debt trustee and not on the filer or client’s.

It’s not an easy choice to make, but choosing to seek out legal assistance is a very wise decision. Legal battles of this sort can destroy a person’s reputation, credit score, finances and financial future if he or she doesn’t take steps to protect him or herself. He or she also can’t negotiate a binding agreement with creditors and lenders that won’t result in a nightmare because the debtor didn’t read the fine print in the agreement from his or her lenders. Things can get pretty ugly in a bankruptcy proceeding or debt consumer proposal, but with professional help the debtor filing doesn’t have to face any of it alone.

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