You are entangled in insurmountable debts and all the debt solution options have failed to work in your favor.
So, now the last resort and the only rational solution you are left with is bankruptcy of course! But the estimated cost involved in bankruptcy seems far beyond your budget. How you wish there were some in low-cost ways to file for bankruptcy and you could save some money!
Well, you might be delighted to know that there indeed exist some inexpensive ways to file for bankruptcy. If that sounds interesting, read on to know more.
Has it ever crossed your mind that a large of portion of your bankruptcy expenses goes into hiring a bankruptcy attorney? But the common notion says that you cannot file for bankruptcy without a lawyer. The notion is partially true. A lawyer is always preferred when it comes to handling a legal procedure. But, in situations, like yours, where question of affordability takes a serious turn, you can easily file for bankruptcy without a lawyer.
Here are some interesting and useful tips for filing bankruptcy without a lawyer:
•Assemble all of your current collection statements, creditor statements, letters and other outstanding payments (including official and unofficial contracts)
•Run a free bankruptcy Means Test. If your income is below the median income of your state and you are proven incapable to pay off your debts, then you can file for bankruptcy.
•Get hold of your present credit report from all the credit bureaus, to figure out how many creditors you actually owe to.
•Attend a 2-3 hour on-line credit counseling and personal financial literacy course. Do not forget to demand your credit counseling certificate, as you need to produce it as a part of your official bankruptcy paperwork.
•Next, you must get hold of the bankruptcy forms. You can purchase them at your nearest bankruptcy court or you can directly download the bankruptcy forms package. To make sure you have the right package, you can check with your local bankruptcy court and confirm.
•Every court has a preferred order in which it receives your submitted bankruptcy form package. Pay special attention to this order and make sure you complete the form in the order it appears. Also keep in mind not to remove any form that doesn’t apply. You can simply put "Not Applicable" or "NA" on it and move to the next form. Take you time to fill up the form and recheck it once you are done with it.
•Enclose all the additional paperwork as required, along with your bankruptcy form package and revise it. Additional paperwork often include credit counseling certificate, list of bills etc.
•You can submit the paperwork with the required fee either by mailing it or you may submit it at your local bankruptcy office that accepts submission. The fee is mentioned in the instruction sheet. So, you must read it carefully before you submit your paperwork.
• Some courts give you the response to your filing right way; in other cases you need to wait for the response. The court usually responds by sending letters to your creditors on your behalf and also by informing you about the contact details of the trustee assigned to your case.
•Respond to every correspondence that you receive from your trustee.
•Do attend the Creditor’s Meeting as per the instruction of the court. You will be asked certain standard questions by the trustee at the meeting. You must answer all the questions accurately and truthfully.
•Finally, do a post-filing Personal Financial Management Instruction Course within 45 days of the Creditor’s Meeting. It is advisable that you do this course, because you might have the risk of getting your case dismissed if you do not attend this course. Submit the certificate of completion to the court and wait for final correspondence that confirms you are discharged.
You can safely have recourse to the above and get your debts discharged through bankruptcy without having to spend even a penny for hiring a lawyer.
Yet, in all situations, a bankruptcy attorney is preferred when question of bankruptcy filing comes up. After all, a lawyer, trained in handling the legal nitty-gritties can be the best guide for you in a legal procedure like bankruptcy! Moreover, you surely do not want to run the risk of getting your bankruptcy petition canceled for any reason. So, if you can afford a good bankruptcy lawyer, it is always advisable that you seek all the legal help from a competent lawyer and get yourself out of your debt mess!