Declaring Personal Bankruptcy — 3 Methods on How to Declare Bankruptcy

How can you start with your bankruptcy filing? If you want to declare yourself bankrupt you have to begin the process by submitting the official bankruptcy forms. You need to know the various ways on how to declare bankruptcy. Your objective is to get the most affordable bankruptcy solution and save on legal fees. This article will give you an introduction to the different process of filing for bankruptcy.

The Safest Method

This is the least problematic and safest means to file personal bankruptcy — retain a bankruptcy lawyer full-time. The attorney will help you over the entire process. It is the lawyer’s job to evaluate, prepare and file your petition. During the meeting of creditors your lawyer will address all the thorny issues that may arise. The only disadvantage in selecting this method is that it costs more. You must find a way on how to filter attorneys the right way for you to get the best possible deal if you want to use this procedure.

The Hybrid Method

This method is the most adopted technique in declaring bankruptcy. The hybrid method usually works best in filing Ch 7. The key component here is to hire the services of an attorney or law firm to prepare your documents. You need to pay the service provider with a fixed fee. Once they file your forms you are on your own. You can save on legal expenses because part of the solution is a self-help work. You should look for a bankruptcy preparation service that will also give you a mini seminar on how to tackle the do-it-yourself portion as part of the package.

The Cheapest Method

This procedure is a full do-it-yourself solution or “pro se” filing. You need to teach yourself with the complexness of the bankruptcy laws. You can download the free bankruptcy forms for Chapter 7 or Ch 13 but it is normally easier to do this method if you get an up-to-date bankruptcy book or a bankruptcy kit. If you try to ask support from your local court clerks they will say they can not assist you. They will not give you advice on how to fill up the forms because that would be considered as “practicing the law” — a task reserved only for registered bankruptcy attorneys.

What to Do Next?

Now that you know the different methods of filing bankruptcy, which technique are you going to select? The new bankruptcy law doesn’t 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 with out the help of an attorney, you must show due diligence. Remember that when it comes to filing for bankruptcy, you either turn over your assets or you keep them.

Do you want to know where you can find cheap bankruptcy lawyers? Find out how to declare bankruptcy with easy, fast, and low-cost solutions today.