Believe it or not, there are many ways you can file bankruptcy. You can even file bankruptcy without an attorney. What you need is a little amount of money, an internet connection, a personal computer and some hard work.
Before you can file bankruptcy without hiring an attorney, you need to know what bankruptcy is all about. You have to learn the steps on how to do it and get familiar with the process. By then you could probably start filing bankruptcy.
Bankruptcy is a legal action of a debtor to be free of debts. This is a privilege given to consumers who find themselves in situations that cause them undue hardships. Events like job loss, divorce, costly illness etc. that can lead to the racking up of their debts can be a decisive factor when deciding to file for bankruptcy. This helps consumers avoid to be taken advantage by creditors and lending companies. On the other hand, it is not so easy to qualify for bankruptcy, especially, chapter 7. To protect creditors from consumers who might take advantage of the bankruptcy system, limits were applied to the law.
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When you file bankruptcy without an attorney, deciding on your own between chapter 7 and chapter 13 will affect the chances you have for successfully filing a bankruptcy. Understanding both types can be a big help when deciding where to go from here. Chapter 7 is a liquidation of your properties in exchange that part, if not all your debts, will be discharged. Chapter 13, on the other hand, is a repayment plan which you and the creditors will come to a legal agreement. Understand as much as possible about this two types of bankruptcy, their difference and what advantage one has from the other.
The advantage of Chapter 13 is that you can keep your properties. With chapter 7, almost all your properties will be solved. The BAPCPA changes of the law last October 2005 have also encourage people to file a chapter 13 type of bankruptcy. The requirement of the new bankruptcy law states that you have to go to a credit counseling agency for a counseling session about credit. It is also required to provide a documentation of your attendance during the credit counseling sessions. The credit counseling agency will more or less provide you with a repayment plan.
The way to file a bankruptcy without an attorney takes a lot of work. You do all the things, work and process needed to file bankruptcy but the advantage of it is that you will not have to spend a lot of money to file your bankruptcy. The cheapest way to file bankruptcy is to do it all by yourself. This takes determination and time, especially, if you are just new in the bankruptcy world. The affordable and convenient way you can file bankruptcy is to acquire the service of a petition preparer or a bankruptcy lawyer to just do your paperwork and prepare your documents. It will just cost you to pay their flat fee. For more information on how to file bankruptcy, visit the link below.
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