Times are hard these days, due to an increase in unemployment and the rising cost of the essential things we need to live. These hard times are causing millions of hardworking Americans to turn to bankruptcy as their only relief. Sure there are other options for debt relief, but it all comes down to this: "if you don't have it, you just don't have it." There is no magical solution that is going to multiply the money you are lacking.
Don't feel bad if you figure out that you need the "fresh financial start" that bankruptcy will provide. Millions of people just like you file bankruptcy every year. So now you need to do your research. Doing research on bankruptcy is the best way to find the best filing option for you. There are two types of personal bankruptcy: chapter 7 or chapter 13. You need to find as much information on these as well as the bankruptcy process. You will also need to get educated on bankruptcy exemptions. Bankruptcy exemptions vary from state to state so you will need to make sure you research state specific exemptions. The bankruptcy code really tries to help consumers protect their assets with exemptions. They know that you need to start out with something when getting your financial fresh start.
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After you have done your bankruptcy research, you need to decide how you wish to file. These options include: do it yourself with free bankruptcy forms found online, hiring a bankruptcy petition preparation service to complete the forms for you, or finding a bankruptcy attorney. Next we will review all three of these bankruptcy filing options.
When deciding on the do it yourself option using free forms found online, you must know that in most cases with this option, there is little clarity on all the forms you need for your unique financial situation. There are several documents involved in filing bankruptcy but there are certain forms and schedules that you need and some you don't. Make sure you know for sure what you need. If you file bankruptcy and there are forms missing or filled out wrong, your case can be dismissed and you will lose your filing fee. The best thing about this option is that it is free other than the filing fee and the cost of the required credit counseling course.
Bankruptcy preparation services cost anywhere from $100-$200 dollars. These companies usually offer full service online bankruptcy preparation. They prepare all required forms for you. They use the bankruptcy software which provides a case specific checklist of what forms each customer needs. All you do is sign and file. They are very knowledgeable when it comes to preparing bankruptcy documents but they cannot give legal advice on what chapter you should file or exemptions you should claim, but can find the answer to most of your bankruptcy question online. These companies are a really good option if you don't wish to complete your bankruptcy petition yourself or if you have very little assets (unless you know exactly which exemptions to use). They are held responsible for their work by the US bankruptcy courts and the bankruptcy Trustee. They are hit with costly fines if paperwork is done incorrectly. The best thing about this option is the cost and the time and headache you will save on filling out your forms.
Using a bankruptcy attorney is the most used option. Bankruptcy attorneys charge between $2000-$3000 dollars for bankruptcy depending on the chapter you file. Sure you could find one for around $1000, so you should definitely shop around. You will need a down payment which is usually around $500+ in order for them to start your paperwork. Bankruptcy attorneys might advice you against using either of the two options discussed above, maybe they don't want any more competition. This article is to let you know that costly attorney fees are not your only option. The good thing about using a bankruptcy attorney is that they can give you legal advice and be a familiar face at your creditors meeting. Besides these two advantages, they do exactly what bankruptcy petition preparation services do. This is probably the best option for you if you have a ton of assets and wish to try to keep them all, but if you have very little assets an attorney is not needed.
Now that you are informed about your options when it comes to filing bankruptcy, I wish you luck in whatever you decide. You deserve your "fresh financial start so go get it.
Bankruptcy attorneys are not required to file bankruptcy. I am very passionate when it comes to saving the consumer money mainly because I am a consumer myself. I have been a paralegal for several years working mainly with bankruptcy documents. Filing bankruptcy is complicated and should not be taken lightly, but I feel that an informed consumer is a smarter consumer. Bankruptcy petition preparation services are misunderstood and I feel they are great option when it comes to filing bankruptcy. Distinguishing between needing to use a bankruptcy attorney or a petition preparation service is up to you, I just cannot stress enough that you need to do your research.
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