How to Declare Bankruptcy and Save on Legal Cost — 3 Methods of Declaring Personal Bankruptcy

How can you begin with your bankruptcy? If you want to declare yourself bankrupt you have to start the bankruptcy process by submitting the official bankruptcy forms. You need to know the several methods 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 overview of the several ways of filing for bankruptcy.

The Safest Method

This is the simplest and safest way to file personal bankruptcy — retain a bankruptcy attorney full-time. The lawyer will guide you over the full procedure. It is the lawyer’s job to assess, prepare and file your petition. During the creditors meeting your lawyer will address 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 workable deal if you want to use this method.

The Hybrid Method

This method is the most followed technique in declaring bankruptcy. The hybrid method usually works best in filing Ch 7. The key ingredient here is to hire the services of a lawyer or law firm to prepare your case. You need to pay the service provider with a fixed fee. Once they file your case you are on your own. You can save on legal expenses because part of the solution is a self-help 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 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 Chapter 7 or Ch 13 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 not help you. They will not give you advice on how to fill up the forms because that would be considered as “practicing the law” — a task reserved only for registered bankruptcy attorneys.

What to Do Next?

Now that you know the different ways of filing personal bankruptcy, which method are you going to use? The new bankruptcy law doesn’t require you to have an attorney, but it is in your best interest to seek the advice of an experienced bankruptcy lawyer. If you choose to file bankruptcy with out the help of a lawyer, you will need to have to exhibit a lot of diligence and patience. Remember that when it comes to filing bankruptcy, you either lose your assets or you keep them.

Do you want to know where you can get cheap bankruptcy attorneys? Find out how to file personal bankruptcy with inexpensive, fast and easy solutions today.

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