When someone is considering filing bankruptcy there are a lot of things to take into account. First of all what chapter of bankruptcy do they file? Is filing bankruptcy even the right decision for them and their financial situation? Should they file bankruptcy on their own using a document preparation service or hire a bankruptcy attorney? These are all very complicated questions that must be addressed prior to making a final decision.
First of all, you can file a do-it-yourself bankruptcy if you already know the chapter of bankruptcy you need to file. The Internet has a wealth of information regarding bankruptcy and can be a good place to begin. An individual must be cautious to seek information from reputable websites that offer up to date information since bankruptcy laws can change. Bankruptcy laws also vary from state to state so the individual must make sure that they take that into consideration as well. A good place to look is your local bankruptcy court website for accurate information. You can even download for free a bankruptcy petition that you can fill out and submit to the court to file on your own. The problem with this is that filing bankruptcy has become more complicated with the addition of the 2005 bankruptcy code changes. A person must first qualify to file, they must also submit all of the proper financial documentation to the court at the time of filing, as well as submit a copy of the course completion certificate for the credit counseling class that is now required by the court. If any information is not in order or the petition appears to be incomplete the court will not accept the petition. If the bankruptcy petition is filled out incorrectly, the debtor will not be told how to fill it out correctly but sent away to seek legal assistance to correct the problems. If on the other hand, the debtor has a simple Chapter 7 Bankruptcy case with few assets, filing a do-it -yourself bankruptcy can be achieved fairly easily with a little time and research.
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An individual can also use a document preparation service to help file bankruptcy. Reputable services can be found online and only charge a fraction of what a bankruptcy attorney would cost. This can be a huge savings for an already cash strapped debtor. The thing to keep in mind about these services is that they only assist in filling out the bankruptcy petition correctly. They cannot give the debtor any legal advice at all regarding which exemption laws to use to protect personal assets. They also cannot file the bankruptcy petition with the court. If the debtor has a pretty straight forward uncomplicated case, a document preparation service can benefit them.
Lastly, you can seek the services of a bankruptcy attorney. This is the most expensive option available, however, when you take into consideration the amount of debt that you will be discharging in the bankruptcy filing then it is really not so bad. A bankruptcy attorney will be available to answer all of your legal questions, and will be there from start to finish to walk you through the process. They file the petition for you at the courthouse as well as represent you at the required meeting of the creditors. They make sure that all of the paperwork is done correctly and that all court requirements are completed by the debtor such as the credit counseling class and financial management course. Sometimes it is worth it to pay a little more for the peace of mind that an experienced bankruptcy attorney can bring.
When it comes to something as important as filing bankruptcy and one's financial future all options must be considered to make the best choice possible for an individual and their family.
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