The Challenges and Benefits of Self Representation Essay

1774 WordsJan 25, 20158 Pages
Running head: THE CHALLENGES AND BENEFITS OF SELF REPRESENTATION 1 The Challenges and Benefits of Self Representation Michael A. McNeil Western Governors University THE CHALLENGES AND BENEFITS OF SELF REPRESENTATION The Challenges and Benefits of Self Representation On October 17, 2015, Refco Inc. filed for Chapter 11 Bankruptcy Protection, which, I 2 was later informed by a Notice of Bankruptcy Filing Letter sent to me in the mail. At the time, I was an account holder in RefcoFX LLC, a subsidiary of Refco Inc., having approximately $60,000 in my account. Unfortunately, according to the Bankruptcy Plan submitted by the Debtor, Refco Inc. I was an unsecured creditor. According to the Bankruptcy Plan, unsecured creditors were to only receive ten cents on the dollar, which meant that my $60,000 account was only worth $6,000. As an unsecured creditor, that meant a loss of $54,000. Needless to say I was angered by this probable outcome and I did as many did in my same predicament, which was to contact a lawyer. I used my literacy skills in representing myself in the Bankruptcy Court in order to obtain a better result that if I had paid for representation or had just accepted the default rulings of the court. As to paid representation, after learning of the bankruptcy filing, I contacted many attorneys and learned that to have my day in court with paid representation, the cost of such representation would be more than $60,000 in legal fees. This meant that legal fees would be more than what I was trying to rescue from the Bankruptcy Court. Thus, I concluded to have someone represent me in court on this matter made absolutely no business sense and that if I was going to have any representation I would have to apply what literacy skills I did have in order to obtain a better outcome, which meant that I would have to learn the Law and apply it
Open Document