Declaring Personal Bankruptcy — 3 Methods You Must Know on How to File Bankruptcy

How can you begin with your bankruptcy filing? If you want to declare yourself bankrupt you have to begin the bankruptcy process by submitting the official bankruptcy forms. You must know the several ways on how to declare bankruptcy. Your objective is to get the most affordable bankruptcy solution and save on legal cost. This article will give you an introduction to the several methods of declaring bankruptcy.

The Safest Method

This is the easiest and safest means to file personal bankruptcy — hire a bankruptcy attorney full-time. The attorney will help you through the full process. It is the lawyer’s job to assess, prepare and file your case. During the creditors meeting your lawyer will manage all the tough issues that may arise. The only disadvantage in selecting this method is that it costs more. You must find a way 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 method is the most adopted technique in declaring bankruptcy. The hybrid method normally works best in filing Ch 7. The key factor here is to employ the services of an attorney or law firm to prepare your forms. You need to pay the service provider with a flat fee. Once they file your forms you are on your own. You can save on legal fees because part of the solution is a do-it-yourself work. You should look for a bankruptcy preparation service that will also give you a guide on how to handle the do-it-yourself portion as part of the package.

The Cheapest Method

This procedure is a full self-help solution or “pro se” filing. You need to teach yourself with the complexness of the bankruptcy procedures. You can download the free bankruptcy forms for Ch 13 or Ch 7 but it is usually easier to do this method if you buy an up-to-date bankruptcy book or a bankruptcy kit. If you try to ask instructions from your local court clerks they will say they can not 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 registered bankruptcy lawyers.

What to Do Next?

Now that you know the different ways of filing bankruptcy, which method are you going to use? 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 qualified bankruptcy attorney. If you choose to file bankruptcy with out the help of a lawyer, you will need to have to exhibit a lot of patience and diligence. Keep in mind that when it comes to filing bankruptcy, you either liquidate your assets or you keep them.

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