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File Bankruptcy on My Own

Let us face it.  No one will ever think about filing bankruptcy until they are in some deep financial troubles.  When I was in college, I never thought about bankruptcy, neither did it ever occur in my head while I was working and had a decent job.  Whenever I heard the term bankrupt, I just had a broad idea that it is just banks and big corporations that lose big chunks of profit in the market who always declare bankruptcy.  That was all I ever heard in the news and that change when I woke up one day and find myself unable to pay my debts.  I did not know what to do so I just talked to a close friend of mine who advised me that I should apply for bankruptcy.

I tried to file bankruptcy on my own but I just cannot do it at first.  It is hard when you try to do something which you are not familiar with.  I was scared to make mistakes so I was very cautious when I do bankruptcy on my own for the first time.  I encountered so many problems and headache trying to save money and do all the work by myself.  It took me a long time until I successfully filed for bankruptcy.  When I file bankruptcy on my own, I have to learn certain things that I know can help me make my life easier.

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Learn about bankruptcy, just like what I did.  You need to learn bankruptcy or it will be very hard for you to file bankruptcy.  It has many rules and regulations, specific qualifications and requirements that are needed when you file bankruptcy.  You do not need to become an expert about bankruptcy law.  You just have to be familiar with the process, learn the basics of the bankruptcy law so you will have an idea on where you are heading when you file for bankruptcy.

As a citizen, there are two types of bankruptcy you can file.  These are Chapter 7 and Chapter 13.  Before the October 2005 BAPCPA changes in the bankruptcy law, consumers could easily choose which type of bankruptcy they want but currently, people that have above average income are encouraged to file a chapter 13 type of bankruptcy which is a repayment plan, unlike chapter 7 that liquidates consumer’s properties in exchange for the discharge of debts he has from his creditors.

There are advantages with a chapter 7 or chapter 13 type of bankruptcy.  The advantage of a chapter 13 type of bankruptcy is that you can keep your properties.   Unlike chapter 7, your properties will all be sold except for some exempt properties stated in the bankruptcy law.  The advantage of a chapter 7 is that part, if not all debts, will be eliminated and you do not need to pay them and you can start a free debt life.

The way to file bankruptcy on your own is to understand what bankruptcy law and know the process yourself.  You can file bankruptcy on your own by doing all the work or you can hire a petition preparer just to prepare your papers then you can do the rest of the work.  To know more about how to file bankruptcy, visit the link below.

For more information about bankruptcy, visit http://www.onlinebkassist.com
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