Accumulating debt is not hard to do; it is easy for medical bills, mortgages, car payments and credit cards bills to get out of hand. Bankruptcy is the only way out for many.
Unfortunately, paying for legal services when you do not have the financial means makes hiring a lawyer to assist with your bankruptcy not always an option. If doing it yourself is your best option, understanding bankruptcy is the key and the following is a little information on the subject.
Chapter 7
Chapter 7 bankruptcy is one of the most common types of bankruptcy chosen. Many individuals choose Chapter 7 because it usually allows them to wipe the slate clean and start over.
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If you have a mortgage and/or car payment that you have kept current, some states count these as exemptions as well as other things. If you meet all your state's requirements for a Chapter 7, it is often the best choice to file yourself. (If you feel like you're not a detail-oriented person than a chapter 7 bankruptcy attorney might be the best way to go.)
Chapter 11
Chapter 11 bankruptcy is designed for corporations instead of individuals, especially those that are closing--or soon to cease operations.
They are commonly very complicated and quite often a lawyer is required to file a Chapter 11. Assets have to be completely liquidated and the debts of the corporation are paid by the divided up funds.
Chapter 13
This option is often taken by individuals who do not qualify for Chapter 7. This do it yourself bankruptcy involves a repayment plan for the debt, decided by the court and normally spanning a period of three to five years. The amount of the debt is often reduced by the judge as part of this action.
While more complicated than a Chapter 7, this bankruptcy can be filed on your own as well. Be sure you are informed of all the statues, however, or a judge may advise you to seek the services of an attorney.
The decision to file for bankruptcy is not a minor one, and should be handled with care. Please consider the risks and consequences, and be aware of all the statues before trying to embark on a do it yourself bankruptcy claim.
Also, though handling the bankruptcy yourself can be frugally beneficial, there are still some advantages to employing an attorney to help you through this process.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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