File Bankruptcy Yourself
When you hire the services of an attorney to file for bankruptcy on your behalf, it can cost you thousands of dollars. Hence, there is an option available for individuals to file for bankruptcy themselves. This way, the only cost that you have to incur is some basic filing fees, depending on which state you reside in. |
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Before you start the filing procedure, make sure you take time to study the bankruptcy law and filing procedure of your state. Collect all the bills and put them in a file. Things that you cannot file are child support and student loans issued federally. You can visit the US government bankruptcy court website and download the bankruptcy form for your state.
You should be aware of the bankruptcy Chapter under which you would be filing the bankruptcy. Most individuals or consumers file bankruptcy under Chapter 7. This is meant to eliminate certain debts like car loans and home loans. Under Chapter 13, you have to agree to a repayment plan. In case you have many assets and do not want to lose them, then you should opt for Chapter 13 bankruptcy.
Download the forms along with the instructions. Before you start filling out the form, read the instructions thoroughly. Always print extra copies of the form so that you can use a fresh one in case you make a mistake while filling out.
After filling the paperwork correctly, take the form and the required documents to the bankruptcy court to file them. The court will direct you to the credit management class. When filing for bankruptcy, this is now mandatory. In this course, you will be counseled on how to handle your finances and be informed about the alternatives that are available to you besides bankruptcy.
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