Do-it-yourself Bankruptcy

According to recent statistics, around 970, 000 bankruptcies have been file under

the United States Federal court between the months of June 2007 to June 2008. Families and individuals encountering different kind of difficult financial situations consider this option of discharging their debts. By opting to do-it-yourself bankruptcy filing, one is able to save at least a couple of hundred dollars during the process.

Chapter 7 of bankruptcy law is considered the last resort for different individuals who are incapable of paying off their debts. Matters related to unsecured debts such as credit cards, personal loans and utility bills can be easily filed under the Chapter 7 of bankruptcy law. Filing a suit under Chapter 7 with help of a lawyer may cost anywhere between $400-$2000. This can be avoided if you are capable enough in doing it all yourself.

Function

The main benefit involved in filing under Chapter 7 of bankruptcy laws is that once the bankruptcy has been declared, you are awarded with a fresh start where you can again rebuild your credit. Once the bankruptcy has been granted, the filing will remain so for more than 10 years. Doing it your self will cost you not more then $200-$300. This money includes administrative fees, filing fees and trustee surcharge. Just make sure that you fill out the paperwork appropriately and correctly, without any mistakes.

Process

The process of filing bankruptcy under Chapter 7 by you is pretty straightforward. You will need to fill some specific forms carefully and with a lot of caution. The forms filled by you contain information regarding your income, creditors, the property that you own and the monthly expenses. Once the bankruptcy has been filed, the court immediately orders and automatic stay that protects you from any further collection attempts. Your hearing gets scheduled within one or two months after you have filed under Chapter 7. The court is able to discharge the whole case within three or four months after the hearing process, at time of which all the debts get officially eliminated.

Features

While filing bankruptcy make sure that you have included all the bills that you are unable to pay. Taxes, child support and student loans do not get the covered under Chapter 7, but in some special circumstances these issues also get covered.

by: Debbie Joneta

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