File Bankruptcy Chapter 7 By Yourself

Anyone can file chapter 7 type of bankruptcy without hiring the services of a bankruptcy lawyer

. All you need to do is prepare your documents and file them within the time period. Try to learn the basics about bankruptcy chapter 7 before you start to file bankruptcy chapter 7 by yourself. This makes you more aware of what you are doing and makes you cautious when you prepare your papers because mistakes can cause you to lose more assets.

So what is chapter 7? Chapter 7, commonly known as the liquidation type of bankruptcy, liquidates your assets in exchange for your debts to be discharged. This is a very popular type of bankruptcy because of how quick it eliminates your debts. Most of your properties will be subject to liquidation except for those properties that are called exempt properties. Remaining debts after the liquidation process are considered to be forgiven. Take note that this type of bankruptcy is difficult to file. The new law made effective last October 2005 has raised the limits on who can file a bankruptcy chapter 7.

Now back to file bankruptcy chapter 7 by yourself. If you really want to do it alone then the first thing you should do is to prepare your papers or documents. You can look up in the internet for downloadable PDF bankruptcy forms. If you want, you can also avail some services provided by these websites. Be very detailed in filling up your papers because any mistake can really make things go to worst very fast.

When all your papers are done, go to a credit counseling agencies. You must really do this because it is required by the new bankruptcy law that a person who wants to file bankruptcy should attend a credit counseling session. This will determine if you can file chapter 7. This cost about $30-@$60.

Although it is possible that you can file bankruptcy chapter 7 by yourself, there are a few factors that you must consider before thinking about doing filing bankruptcy alone. The first thing is the time you have. How you manage your time can be a factor on how successful you are in filing your bankruptcy. You must also understand the bankruptcy laws, regulations, qualifications and process in order to correctly file a bankruptcy. The time you have to learn all of these things might also make you decide another alternative way to file your bankruptcy.

There is a way you can file bankruptcy that does not need you to spend a lot of money. This is the safer and quicker way to file. All you need to do is acquire the service of a petition preparer or a bankruptcy lawyer to prepare your documents. Then pay them their flat fee and do the filing by yourself. This way, you avoid the risk of having mistakes in your papers. Petition preparers and bankruptcy lawyers are authorized and are professional when they handle your documents compared to you. For more support on how to file bankruptcy, visit the link below.

by: Steve

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