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How to Declare Bankruptcy and Save on Legal Expenses — 3 Ways of Declaring Personal Bankruptcy

How can you begin with your bankruptcy filing? If you want to declare yourself bankrupt you have to begin the process by completing the official bankruptcy forms. You need to know the different ways on how to declare bankruptcy. Your objective is to get the most inexpensive 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 lawyer will help you over the entire process. It is the attorney’s job to evaluate, prepare and file your petition. During the creditors meeting your attorney will handle all the thorny issues that may arise. The only negative in choosing this method is that it costs more. You must find a means on how to filter attorneys properly for you to get the best possible deal if you want to use this method.

The Hybrid Method

This procedure is the most adopted technique in declaring bankruptcy. The hybrid method normally works best in filing Ch 7. The key component here is to employ the services of a lawyer or law firm to prepare your case. You need to pay the service provider with a flat fee. Once they file your papers 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 tutorial on how to tackle the do-it-yourself portion as part of the deal.

The Cheapest Method

This procedure is a full do-it-yourself solution or “pro se” filing. You need to educate yourself with the complexity of the bankruptcy laws. You can download the free bankruptcy forms for Ch 7 or Ch 13 but it is normally easier to do this method if you buy an up-to-date bankruptcy book or a bankruptcy kit. If you try to ask support 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 local bankruptcy attorneys.

What to Do Next?

Now that you know the different methods of declaring bankruptcy, which method 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 a seasoned bankruptcy attorney. If you choose to file bankruptcy with out the help of an attorney, you will need to have to exhibit a lot of patience and diligence. Remember that when it comes to filing bankruptcy, you either lose your assets or you protect them.

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

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