When you are meeting with a bankruptcy trustee, they may advise you not to hire an attorney to represent you. Most likely, they will try to explain that hiring an attorney is not worth the money and that the trustee can handle much of the work for you.
While this may seem like an excellent way to save some money, there are reasons why bankruptcy trustees prefer you file bankruptcy without an attorney, and most of them include them making more money off of your debts.
Trustees Make More Money When You Don’t Hire an Attorney
The main reason why a bankruptcy trustee will try to sway you from hiring legal representation is that your lawyer will likely prevent the trustee from making as much money as they possibly can. The way it works is that a bankruptcy trustee is generally provided with a flat fee when they are hired to oversee a bankruptcy case. However, there are incentives to earn more than that if they can liquidate some of your assets to pay off some outstanding debts.
When you hire an attorney, your lawyer can help you determine the value of all of your assets and identify protected assets. If you do not have an attorney representing you, the trustee may try to liquidate your assets for a lower price in an attempt to gain a quick sale, and they may even try to liquidate assets that should legally remain in your possession.
Trustees Want a Faster Process
The other key reason why a trustee may want to persuade you not to hire an attorney is that they will try to move the process along faster than it needs to progress. While a personal bankruptcy case does tend to move quickly, trustees will try to move it along even faster so they can get to their next case.
When something like this moves too quickly, it could result in negative consequences for the consumer. An attorney will take over the legal procedure and make sure paperwork is in order, while making sure that you are receiving the full protection you are entitled to under bankruptcy law.
Personal Bankruptcy Attorney Will Fight for Your Rights
Bankruptcy trustees have an agenda that’s backed up by teams of corporate lawyers. You’ll need someone on your side who understands legal jargon, and whose number one priority is making sure your voice is loud enough to stand up against the corporate suits.
Don’t let bankruptcy trustees take advantage of this stressful situation. Call a lawyer who will be able to help you with the entire process and put you on a path to recovery. The bankruptcy attorneys at E. Orum Young can help you navigate through bankruptcy and offer you unbiased advice. Over the past 35 years, we have filed over 20,000 bankruptcy cases – the most in Northeast Louisiana. Contact our office at (318) 450-3129 for a free case review today.