Do It Yourself Bankruptcy – Lodging the Forms Yourself By Richard Wilson

Filing for bankruptcy can be a difficult time for anyone, but with a little research you can save stress and further embarrassment with a do it yourself bankruptcy solution.

There are no hard and fast rules around filing for bankruptcy. Although the easiest way may be to simply hire an attorney to deal with it, under a time of financial distress this may not be the most sensible approach. For this reason, many people are now choosing a do it yourself bankruptcy approach.

The first thing you will need to determine is whether you actually need to file. Bankruptcy is not something to be taken lightly and while there are good aspects to it for someone in dire financial circumstances, it’s generally a very negative thing to have to do, both financially and mentally. If you are in doubt or there is any uncertainty in your mind over what you should do, you should contact a financial planner or attorney who can offer you sound advice. Generally attorneys or planners can provide basic initial assistance for free, where you’re trying to sum up whether you need to use their services or not. Just make sure the advice is free of charge.

If you do decide a do it yourself bankruptcy is the best option – In nearly all cases the only forms you will need for a do it yourself bankruptcy are freely available online, or alternatively, through your local district courts. The forms are relatively easy to follow and can be completed by anybody, regardless of profession.

Once you have completed the forms it will be in your interest to become accustomed with the fees involved prior to lodgement. As with any court process, there will be filing fees applicable, and these remain even when you are completing the application yourself. Depending on which state or country you’re filing from, you may be eligible to apply to make these payments via instalments, easing the pressure slightly. The best scenario is if you can have these fees waived by a court. If this option is applicable to you it will probably be marked on the initial application or petition form. If it is not clearly marked, a quick search online or a call to your local courthouse should provide you with an answer. In order to have filing fees completely waived, you will normally have to provide evidence that you cannot afford the payments now or in the foreseeable future, along with passing a means test provided by the court.

Once you have lodged the forms your do it yourself bankruptcy is almost complete and you have saved yourself the expense of hiring an attorney. It is now in the hands of the court and you will be advised from here on in of what you will need to do.