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Filing Bankruptcy Yourself?

By Edited Oct 27, 2013 0 0

It really is possible to file bankruptcy yourself, and save some much needed money. It really doesn't make sense to pay an attorney to do it for you, if you had that kind of money, you wouldn't be in the bind that you're currently facing. If you choose to file bankruptcy yourself, you'll have some work ahead of you, but it will all be worth it for the fresh start. Here's how it all works when decide on filing bankruptcy yourself. No is the time to explore any bankruptcy alternatives you may have considered before you file on your own..

Start by gathering up all of your bills when you file bankruptcy yourself. Keep in mind that you cannot claim certain bills, like child support or Federal Student Loans. The good news about the student loans, is that you may be able to claim those if they were sold to another bank. By the way, this is fairly common. You'll want to find out exactly who owns the rights to your loan now. When you file bankruptcy yourself, you need to have all your ducks in a row.

Get the appropriate forms lined up for your diy bankruptcy. There are several sites where you can get this information for free, so don't pay for them. When you file bankruptcy yourself, you'll need to make certain that you have all of your ducks in a row, and the forms are just the start. It can be a bit overwhelming, but it's necessary when you file bankruptcy yourself.

Determine what exceptions are allowed in your state. Keep in mind that you can "reaffirm" on some of your loans, meaning you can keep your home or automobile, and a fair chunk of the equity that you've built up, while maintaining the current loan you have. When you file for bankruptcy yourself, you need to make certain that you know exactly what you can keep.

Save money before you decide to file bankruptcy yourself. Just because you're doing this on your own, doesn't mean it's free. There will be fees, court costs, and some other expenses that you'll incur. The fees will vary by state, so you'll want to do some research before you file. Keep in mind that it will cost a lot less when you do it on your own.

If you are struggling with all of the paperwork and the legality issues, you may want to take the plunge and purchase a kit to file bankruptcy yourself. There are some available, and it's much cheaper than hiring an attorney. You'll still be doing it all on your own, but you'll have a guide to help you along the way.

If you're too overwhelmed to file bankruptcy yourself, then you may want to seek the advice of an attorney. You can still save money this way, by limiting the amount that the lawyer does for you. Most will have multiple options available, with smaller fees for less involvement. It may be worth it to you. Keep in mind that you can also typically get a free initial visit, so you may want to schedule an appointment, and pick his or her brain for a while.

If you don't think you are ready to file bankruptcy yourself, you may want to check out consumer credit counseling pros and cons.


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