If you've made the decision that a bankruptcy filing is your best move to get out from under your current debt burden, rest assured you're not the only one. Thousands of debtors every year are in the same boat. Recently, with the severe downturn in the economy chapter 7 and chapter 13 filings are up as much as 75% in some areas. Many of these filers are opting for a do-it-yourself bankruptcy, filing without the assistance of an attorney.
In fact, because the recent surge in filings and the lack of competent professional help, the number of individuals deciding to file "pro se" ("for self") has also increased. A report by the Los Angeles Bar that examined the rise of bankruptcy filers in the area found that nearly one in three petitions in Southern California are pro se. In Santa Barbara the rate is almost one in two.
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When the decision to file for chapter 7 or chapter 13 has been made, there are a couple of ways to approach it. The most common way is to have a lawyer represent you throughout the process. The lawyer will likely be experienced in bankruptcy law and qualified to give you legal advice.
The second option is to have a document service prepare the legal forms. They'll make sure the forms are prepared correctly but will not be able to offer you any legal advice. Only licensed attorneys are allowed to give legal advice.
Both of these approaches cost money and given that you're filing for bankruptcy, money or the lack thereof, is probably a big concern.
The third option, a do-it-yourself bankruptcy, might suit you if you're well-organized and good with instructions. Doing it yourself is the best choice for many who are filing chapter 7 or chapter 13 given that they cannot afford to pay a lawyer. Without a doubt, filing by yourself costs less than paying a lawyer, which can run well over a $1000. When you file bankruptcy the other costs you have to factor are the filing fees, $299 for a Chapter 7 filing and $185 for a Chapter 13 filing. However, you can apply to pay this fee in installments or have it waived entirely. Given this scenario, you could file with no money out of pocket.
While the idea of filing on the cheap might seem appealing, the downside to a do-it-yourself bankruptcy is that you have do all of the work and it's not easy. Filing can be confusing and complex. Bankruptcy is a legal process and a specialized form of law. But, if you have the initiative to get educated about the rules and regulations then a do-it-yourself filing may work for you. Be prepared to research how the proceedings in your jurisdiction work, what type of filing is appropriate for your situation and how you fill out and file all of the necessary forms.
The key to success with your do it yourself bankruptcy filing is persistence and thoroughness. There are many online resources that can help you get started and guide you in the process. A good place to start is by gathering the necessary forms and reading through the instructions. The forms are available free throughout the internet or you can buy all the necessary forms and instructions in one easy download at http://www.bankruptcy-consultation.com for $9.95.
If you find yourself in need of bankruptcy advice, get a free consultation with a local bankruptcy attorney.
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