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How can you start with your bankruptcy? If you want to declare yourself bankrupt you have to start the bankruptcy process by filing the official bankruptcy forms. You need to know the various methods on how to file for bankruptcy. Your goal is to get the most inexpensive bankruptcy solution and save big money on legal expenses. This article will give you an overview of the different process of filing for bankruptcy. This article is not a substitute for legal counsel, and it is not intended to give you specific legal advice on your financial situation.
The Safest Method
This is the simplest and safest way to file personal bankruptcy -- retain a bankruptcy attorney full-time. The attorney will help you through the entire bankruptcy process. It is the lawyer's job to evaluate, prepare and file your papers. During the creditors meeting your attorney will address all the tough issues that may arise. The only negative in using this method is that it costs more. You must find a way on how to screen cheap bankruptcy attorneys in good order for you to get the best possible deal if you want to use this method.
The Hybrid Method
This method is the most followed technique in filing for bankruptcy. The hybrid method normally works best in filing Chapter 7. The key factor here is to hire the services of a lawyer or law firm to prepare your case. You need to pay the service provider with a flat fee. Once they file your papers you are on your own. You can save huge amount on legal fees because part of the solution is a do-it-yourself work. You should look for a bankruptcy preparation service that will also give you a short training on how to handle the do-it-yourself portion as part of the package.
The Cheapest Method
This method is a full self-help solution or "pro-se" filing. You need to educate yourself with the complexity of the bankruptcy laws. You can download the official bankruptcy forms free but it is usually easier to do this method if you buy an up-to-date bankruptcy kit or a good bankruptcy book. If you try to ask instructions from your local court clerks they will say they can't help you. They will not give you advice on how to fill up the forms because that would be "practicing the law" -- a task reserved only for licensed bankruptcy lawyers.
What to Do Next?
Now that you know the different ways of filing personal bankruptcy, which method are you going to use? The new bankruptcy law does not require you to have a lawyer, but it is in your best interest to seek the advice of an experienced bankruptcy lawyer. If you choose to file bankruptcy without the help of a lawyer, you will need to have to show a lot of patience and diligence. Keep in mind and remember that when it comes to filing bankruptcy, you either liquidate your assets or you protect them.
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