Did you know you could file your own bankruptcy papers? You can and many people do, but sometimes a lawyer might have some suggestions that you do not realize. If you do choose to file your own papers, be aware of the new laws about bankruptcy enacted in October of 2005.
Once you decide to file your own bankruptcy papers, you need to determine which chapter to file under and then understand all the guidelines associated with the chapter. The best thing to do is find out all the information about the chapters and what is needed to file that specific chapter of bankruptcy.
The filing process requires a great deal of paperwork and correct information. If you feel confident enough to take on this proceeding, you will need to have all your creditors, personal information and then file your papers with the court.
When the papers are file with the court, a court appointed trustee will be assigned to your case. This person will go over all the paperwork and check it for accuracy. After this process, the creditors need to be informed of your intentions to file for bankruptcy so they stop all collection actions against you until further notice. Next, you have meetings with creditors to work out an arraignment.
If you choose to have a representative take care of your financial affairs, such as a lawyer, you need to supply them with all the information needed to properly represent you in the proceedings. Once you decide on a lawyer, you will need to determine the legal fees before hand and plan on paying them before the completion of the file process and bankruptcy hearing.
Many states require you to file a deed called a homestead deed. Depending on the type of chapter you file you may need to file other papers as well. Possible other paperwork might include the reaffirmation agreements, objection exemptions, declarations of homestead and objections to discharge of all or some of the debt. There are many different things that need to be taken care of in the filing process and in some cases; a lawyer is more knowledgeable about these things.
If you choose to do a chapter 13 bankruptcy, you may pay your legal fees from your assets of your estate. If you file a chapter 7 bankruptcy, you cannot do this in any cases. Normally all fees are up front and the lawyer requests a percentage before starting all proceedings.
If you decide to file yourself, you will need to go for credit counseling and may choose a non-profit organization for free services. Then you will need to meet with the trustee to discuss what you can pay and how long you have to repay your debts. No one ever gets away without paying anything; the new laws protect everyone including the creditors from debtors that do not pay. Talk to a lawyer before deciding to represent yourself to find out some important information that you might not realize.
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