Filing Bankruptcy Yourself
Is filing bankruptcy yourself a doable approach? What does it take to get it right and get a discharge or reorganize your debts?
It is definitely possible to file bankruptcy yourself and do it successfully, however bankruptcy is a complex process and involves many considerations, so it's important that you recognize early on what it takes to file bankruptcy in your state. There are specific requirements and procedures mandated by the bankruptcy code and unfortunately it is typically pro se filers who disqualify themselves by making costly mistakes.
In order to make this work for yourself and save on legal fees, you need to be willing to go through a crash course in bankruptcy law, this isn't easy but with a little persistence and time you can learn what it takes and process your own petition the right way and avoid being denied.
Things to Consider
Before you can begin processing your own bankruptcy petition you need to know and understand whether you can file bankruptcy, what chapter to file under and what exemptions you can claim. Understand the protections that the bankruptcy code extends to consumers and the limitations of such.
You must start with a complete evaluation of your own personal or family financial situation, to include all your assets and your obligations. It is possible to lose all your assets in bankruptcy (chapter 7), if the trustee feels they can be liquidated to pay your creditors before any other debts can be discharged.
Help For Self Filers
Bankruptcy Software
Attorney Quality Bankruptcy - DIY Bankruptcy Software. Save Big...
Bankruptcy Strategies
Renegade bankruptcy attorney destroys the myths, reveals proven...
How to Survive Bankruptcy
End the sleepless nights and your pre and post bankruptcy worries, this...
Using a Bankruptcy Form Preparations Service
Many filers opt to skip filing with a bankruptcy lawyer and pay a fraction of the cost by having paralegals and other providers prepare all necessary bankruptcy forms for them. Paralegals are not attorneys and can not give bankruptcy advice or represent you in court, but they do know the process well enough to prepare the necessary documentation and get self filers started in the right direction.
This can be an option for you if filling out the complicated forms is too much to handle. Just remember that their guarantees are very limited and if a problem arises with your petition they won't be able to help you.
Discounted and Pro Bono Legal Services
Bankruptcy courts prefer that you are represented by a bankruptcy attorney, as self filers often do not do a good enough job at gathering and disclosing all necessary documentation and required forms. As an alternative to filing bankruptcy yourself it is recommended that filers seek out discounted bankruptcy services. Many of these services are found listed in the Yellow Pages of your phone book.
The other alternative is to find a pro bono (free) bankruptcy service, which filers must qualify for and this is based on their current debt to income ratio and number of dependents among other factors that change significantly across the different states in the US. Ask your local bankruptcy court for such services and the requirements for qualification.
Other Considerations
You can file bankruptcy yourself a lot easier if you know you qualify for chapter 7, however if you do not then your next best option is chapter 13, and it is during a chapter 13 or chapter 11 process where the need to be represented by a professional bankruptcy attorney is most necessary, as these procedures are a lot more involved and complex.
Remember that bankruptcy laws are in place to help you consumers get a fresh start by liquidating assets to play debts and discharge other insolvencies or by providing a new more manageable repayment plan. Get it right the first time and seek the necessary help to file your petition accordingly.
Bankruptcy strategies is a book that explains filing bankruptcy yourself, prepared by a lawyer for self filers.
