How can you get started with your bankruptcy filing? If you want to declare yourself bankrupt you have to start the process by submitting the official bankruptcy forms. You need to learn the several 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 various ways of declaring bankruptcy.

The Safest Method

This is the most dependable and safest means to declare personal bankruptcy — employ a bankruptcy lawyer full-time. The attorney will guide you through the whole procedure. It is the lawyer’s job to assess, prepare and file your petition. During the creditors meeting your attorney will handle all the thorny issues that may arise. The only disadvantage in choosing this procedure is that it costs more. You must find a means on how to screen lawyers the right way for you to get the best workable deal if you want to use this procedure.

The Hybrid Method

This procedure is the most adopted technique in declaring bankruptcy. The hybrid method usually works best in filing Ch 7. The key component here is to employ the services of an attorney or law firm to prepare your bankruptcy papers. You need to pay the service provider with a fixed fee. Once they file your documents you are on your own. You can save on legal fees because half of the solution is a do-it-yourself 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 deal.

The Cheapest Method

This procedure is a full self-help solution or “pro se” filing. You need to teach yourself with the complexity of the bankruptcy laws. You can download the free bankruptcy forms for Chapter 13 or Ch 7 but it is usually easier to do this method if you purchase an up-to-date bankruptcy book or a bankruptcy kit. If you try to ask guidance from your local court clerks they will say they can’t help you. They will not give you advice on how to fill out the forms because that would be “practicing the law” — a task reserved only for licensed 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 does not 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 declare bankruptcy with out the help of a lawyer, you must show due diligence. Remember that when it comes to filing bankruptcy, you either liquidate your assets or you protect them.

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

Filed under: Opinion

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