It’s true that there are more hoops to jump through under the new bankruptcy code and it’s true that the bankruptcy means test will result in some people having to file Chapter 13 instead of chapter 7. However, the vast majority of chapter 7 bankruptcy filers is still available with very little extra effort. If you’re in a financial situation that when you pay all your bills and you have nothing left, you will probably qualify for Chapter 7 bankruptcy.
Filing bankruptcy is not magic that only had a bankruptcy attorney may perform. The fact is bankruptcy is a lawyer’s cash generator. The sixth amendment to the Constitution allows anyone to represent themselves in a court proceeding. That’s why many people have developed do-it-yourself bankruptcy websites.
These legal websites, usually backed by attorneys, realize that over 1 million people would have to file bankruptcy over the next few years. So they reached out to technology companies and asked them to help create bankruptcy software that would allow people to file from the comfort of their home. Along with the ease of using this new software to file on your own, there is a huge savings of money.
If you decide to file bankruptcy on your own you should probably use a bankruptcy software program because each state has varying rules and regulations regarding bankruptcy, it is important to get software that works in your state. These programs offer general bankruptcy advice and tips on filing area this will ensure that you have all you need to file in your state’s federal bankruptcy court.
When you file for bankruptcy, educate yourself and know the laws. Bankruptcy laws can change, so read up on all the recent changes before starting the process so you will be able to apply that new laws to your situation.
When filing bankruptcy you need to understand your responsibilities. You must pay filing fees, so find out what those will be, and have the money ready. Ensure that you fill out every bit of information on the bankruptcy forms, as one small omission can cause your case to get sidetracked. You will also need to take on the duties that your bankruptcy attorney would normally handle, sending out creditor letters, arranging a meeting of the creditors and attending the hearings.
If any of the above steps seem daunting, then you should hire a bankruptcy attorney. However, plenty of do-it-yourself bankruptcy cases are filed without error, and the results are the same as if you used a bankruptcy attorney. You’ll get a discharge and rearrangement of your debts so that you can get a better handle on your finances in the future. You can save quite a bit of money by doing it yourself, as long as it’s done correctly.