Insider tips on diy bankruptcy, learn how to file personal bankruptcys and find state specific bankruptcy forms for filing chapters 7 and 13 in your state enter bankruptcy protection, Today!
Do it yourself bankruptcy may seem like a less expensive alternative to hiring a lawyer, but extreme care must be taken. Each state has its own set of bankruptcy laws so any layperson who is going to do their own bankruptcy and file their own paperwork must know the exact bankruptcy laws of their state.
Typically, though, the basic steps for Chapter 7 and Chapter 13 are pretty similar which does simplify things somewhat. The documents that are needed to file the petition for bankruptcy must be prepared before any papers are filed.
This crucial first step in the do it yourself bankruptcy can be tedious. Documents for bankruptcy are quite complex and voluminous. Some documents contain more than 100 pages.
It is required that all of the bankruptcy papers be filled out completely and they must be filed with the United States District Court, Bankruptcy Division in the area in which you live.
Filings fees typically run about $200 and are a requirement for filing unless you file a waiver to waive the filing fees. If that waiver is approved, it will exempt you from paying the fees.
Bankruptcy courts are very strict. Any documents submitted that are poorly handled by the submitter or are not completed correctly will be rejected. It is advisable to hire a paralegal to aid you in completing the paperwork in a do it yourself bankruptcy. This will at least minimize the margin of error and better ensure that your documents will be accepted by the court.
The court will assign a court trustee to you. This trustee works to protect the creditors’ rights. They will oversee how assets are liquidated and review documents related to the bankruptcy. They are not there to protect your rights or to operate in your interest.
Normally, your attorney would do that, but in a diy bankruptcy, you don’t have an attorney. This is why it is advisable to employ a paralegal so that you can protect your own interests.
Some liquidations exemptions of property are allowed in a bankruptcy which will allow you to retain your home, a vehicle and personal items such as your clothing and some furniture.
This information is captured within the bankruptcy documents and those Schedules must be filled out completely and accurately, including the items and approximate value of those items. In a DIY bankruptcy filing, just one mistake could be costly.
There are books that you can purchase that will walk you through the entire diy bankruptcy process. This is highly recommended to ensure you follow the proper protocol and complete the documents to the court’s approval.
These books will also acquaint you with the specific laws of each state and list required steps as well as documents. They will take you through the steps of reaffirming a debt, homestead exemptions and how to use the Map of Districts.
Upon acceptance by the court, your paperwork will be officially files and your creditors will be notified of your status. When all of your creditors have been made aware of the fact that you have filed for bankruptcy, they will all meet with you to ask questions or even object to your filing. In a do it yourself bankruptcy, you will be the one fielding the questions so you will need to be prepared.
However, extreme care must be taken and proceeding without some form of legal support (such as a paralegal) is not recommended.
Starting Today, you will have the knowledge and power in your hands to easily change your life financially!
Return from DIY Bankruptcy to Bankruptcy Facts Complete Debt Elimination Using Only The Money You Already Earn And Not A Penny More!
Complete Debt Elimination Using Only The Money You Already Earn And Not A Penny More!