Thinking about filing bankruptcy? This is without question one of the most difficult decisions anyone can make in their life. Having tried your best to dig yourself out of debt or negotiate with your creditors to keep yourself out of having to file for bankruptcy without success, you may be finding yourself at the end of your rope. There are many reasons why people file bankruptcy and they vary from divorce, to identity theft, a death in the family to accumulated credit card debt over long periods and of course adjustable rate mortgage loans which have been a major cause for the increasing number of bankruptcy cases and the current real estate crisis across the US.
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The first thing you need to do is take a good inventory of all your debts by creating spreadsheets or written balance sheets where you can have everything laid out in front of you. Also, you want to have a separate list of your living expenses, there's a reason why you want to separate these living expenses from your debts. Your living expenses are more important, these include necessities such as utilities, mortgage or rent, medical expenses, auto insurance premiums and any other necessities or special needs you or a family member may have.
What you need to figure out immediately is if after paying for your "living expenses" you're ending up with little or no money to pay your monthly debts such as credit card bills, car payments, or any other type of consumer debt. If this is the case and you have a limited amount of funds or none left, then you would want to consider bankruptcy as an option.
Filing bankruptcy Alone - It's most definitely possible to file alone and be successful at getting a discharge or have the term or your debts adjusted, but this is not going to be the case for most people. Unless you have the time to learn the laws governing the filing of bankruptcy, you're going to have your work cut out for you. This is not meant to discourage you from filing bankruptcy alone, but you need to be aware that bankruptcy law is complicated and recent changes to these laws have made it so that it's easier for self-filers to get denied the processing of their own petitions because of the errors they often make in their bankruptcy files.
Filing bankruptcy alone is going to be a lot of work and it can add to the burdens and stress you're currently under, so be absolutely sure that you can take on this task before you begin the process on your own. If you don't really feel confident that you can successfully file and handle your own case, it's best you do not venture alone. If your petition gets denied you may have to pay a fine and you may not be able to file again for some time.
Not knowing the law is the most inconvenient fact about bankruptcy for most citizens. Self-filers often push their luck and deliberately assess their own situations with exaggeration, causing an increasing number of fraudulent files in bankruptcy courts. This has contributed to changes that have made bankruptcy laws tougher, not only for self filers but lawyers are now required to include additional paperwork in the petitions they prepare for their clients, increasing the number of hours needed to prepare such petitions and therefore increasing their fees.
Filing bankruptcy with a lawyer - This is without question the most appropriate way of filing your petition. It relieves you of the burden of preparing and filing your own case. Bankruptcy consultations should be free, however some law offices do charge for their consultations and even though they apply the consultation fees to your overall costs, if you decide to file with an office that charges less you'll be out some cash, which you need to hold onto as much as possible. So try not to pay for a consultation.
One of the biggest reasons why consulting with a lawyer makes more sense is that you need to be able to determine which bankruptcy chapter makes more sense for you. This can be a difficult step in the process if you're doing it alone. Your lawyer will be able to determine through the means test if you qualify for bankruptcy first and then which chapter fits your situation best.
It's important that you pay close attention to your lawyer's requests. They will be asking you to bring specific documentation to prove and help your case, "be prepared" it's the best thing you can do to help yourself. Your lawyer is going to take the difficulty of your case out of your hands but they will need your cooperation in producing a solid petition.
People often procrastinate after having hired a lawyer or after their initial consultation since technically once you begin talking to a lawyer about filing bankruptcy your creditors can no longer harass you. Don't make the mistake of taking your time and putting things off. Provide exactly what is needed for your file and do it promptly.
You have to realize that bankruptcy is a legal proceeding and lawyers are more efficient in this process than the average citizen. Again, you can certainly file alone and successfully discharge your debts, but you need to know what you're doing and you need to do it correctly and in a timely manner, so just know that you'll have a lot more work to do if you go it alone.
Some law offices require payment in full and if the legal fees are an issue to you, make sure you establish this from the beginning and find a law office that can give you the option of making installments on your total bill.
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