Although filing for bankruptcy by yourself is quite possible, it is a complex legal procedure that might feel overwhelming when you are not handling it with the assistance of a lawyer. undefined
Step 1: Find the appropriate Type of Bankruptcy to be Filed.
- Chapter 7: Liquidation bankruptcy means selling off of the non-exempt assets to pay back the creditors.
- Chapter 13: Repayment plan bankruptcy is a federal program of obligation to reimburse the debts over time in which you can retain your property.
Step 2: Procure Needed Documents
- Bank statements
- Tax returns
- Pay stubs
- Loan documents
- Assets and debts display.
Step 3: You have to do the whole Credit Counseling Part.
- A credit counseling course has to be passed from an agency that is good and accepted before the filing occurs.
Step 4: Prepare Bankruptcy paperwork
- Visit the U.S. Courts website and download the bankruptcy forms that you need.
- Carefully fill out the forms, that is, form your income, expenses, assets and debts.
Step 5: The initial step is to file your bankruptcy petition.
- Ensure to submit your fully completed forms to the bankruptcy court in your district.
- Pay the required filing fee unless you belong to those exempted from fee waiver.
Step 6: Come around for the Meeting of Creditors
- Next, a meeting with your creditors (the “341 meeting”) will be held. This is part of the filing process.
- The bankruptcy trustee will request for information regarding your financial health.
Step 7: Become a financial expert – take the Full Financial Management Course
- Following this, you have to do a personal finance management training course from an authorized organization.
Step 8: Observe Procedural Laws
- Make sure to follow the court procedures or other things as directed.
- Act swiftly in response to any forms of communication from court or trustee.
Step 9: Await Disparaging or Repayment Committee Favorite
- In Chapter 7, after the waiting stage is over, while you are debt-free.
- In accordance to chapter 13, your repayment plan must be approved by the court before it become effective.
Step 10: Financial Clean Sheet
- Afterwards, when your bankruptcy is over, you’ll be given a chance to revive the financial life you used to have.
Important Notes:
- Legal Assistance: Taking legal advice from a qualified lawyer or from a legal aid service provider is advisable if you are planning to go through a bankruptcy process without a lawyer.
- Complexity: Bankruptcy law is not an uncomplicated one, and even small errors might result in drastic consequences .Proceed with caution.
- Court Requirements: Make sure you know and follow all court procedures and deadlines to avoid being discharged from court.
Note, that bankruptcy is the serious legal matter, which has the long-time effects on your financials. It’s possible to file your case without a lawyer; nevertheless, professional assistance from an organization would ensure a fair and satisfactory result.
