If you are in a financial crisis and need to file bankruptcy, did you know that you can file yourself? Depending on your situation, you can save on the attorney fees and file the paperwork on your own.
The first thing you need to do is educate yourself on the process of filing. Your local library will have some good material, you can research online, and of course a good book store has a lot of information on bankruptcies. This will get you started. You also need to investigate the requirements that the state may have where you live.
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There are different kinds of bankruptcies. The most frequently used is the liquidation Chapter 7. There is however, a re-organization Chapter 13 as well. If your situation is gloom and doom and you don't see a way to restructure your debt with a limited amount of income, then even if you filed for Chapter 13, you will end up with a Chapter 7 so don't waste your time and money.
It is important to point out that all the paperwork needs to be accurate and complete. If it is not, your paperwork will have to be redone, costing you additional money to resubmit. Be very honest and thorough with all your paperwork.
Once you are somewhat knowledgeable about the process, you will need to complete a means test whereby you compare your gross income to the average gross income in your area. If your income is lower, you have met one of the requirements for a Chapter 7 liquidation bankruptcy.
The next step is to make a list of all your creditors and the balances you owe them. A really good way to make sure you get them all is to order a personal credit bureau report from at least three credit reporting companies. If you do not know who they are, your local bank that provides real estate mortgages will be able to provide this information to you. You will need to calculate your disposable income. You arrive at this by taking your total gross monthly income minus the monthly payments you owe.
You will have to satisfy the requirement of taking a debt management class. Don't worry though, it is quite painless, only takes a couple hours and costs less than $100. It will be a good education for you as well. Once you have completed the class, you will receive a document that you have successfully passed, and that will need to be submitted in your package. It is sometimes possible that you can file your paperwork online, but if not you will have to submit your completed package at the courthouse. There will be a fee for filing.
It is your right and privilege to start over once you get into this type of situation -- that's why there are bankruptcies. It takes an effort, but within approximately 6 months it will be over.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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