Claiming Bankruptcy Yourself

If you want to claim bankruptcy, you may be concerned about paying attorneys fees or legal fees. After all, you may think that you don't want to add additional costs when the whole reason you are declaring bankruptcy is that your debt is too much to handle. However, it is almost always a bad idea to claim bankruptcy yourself.

Why You Need an Attorney

There are several reasons why you don't want to claim bankruptcy yourself and why you are better off hiring an experienced bankruptcy attorney to work with you:

• Your attorney needs to help you determine which type of bankruptcy to file.

Not everyone is eligible for Chapter 7, which results in both a seizure of assets and a total discharge of debts. Those who aren't eligible for Chapter 7, or those who don't want to lose their possessions, may prefer a Chapter 13. However, a chapter 13 comes with a repayment plan and debts aren't just wiped clean. Deciding which type of bankruptcy to choose is- as you can see- no simple matter.  An attorney can review your situation and help you decide what is right for you.

• You need to fill out many different forms

Both types of bankruptcy have many, many different forms you have to fill out during the bankruptcy process. All the forms have to be completed properly and filed with the right court. If you don't fill out a form properly, your bankruptcy could be delayed or dismissed and you could lose bankruptcy protection.

• All creditors need to be notified

If a creditor does not get proper notice, that debt may not be discharged. This could mean you would find yourself bankrupt, and yet still with a debt or two to pay. You don't want this to happen, and an attorney can help you make sure it doesn't by ensuring all creditors are listed and given the proper notice required under the law.

Getting Help

As soon as you decide to claim bankruptcy, consult with an experienced bankruptcy attorney. He can guide you through making all of your important financial decisions, and can help you choose the kind of bankruptcy that is best for you in light of your assets, income and liabilities. He can also assist you in filling out all required forms and making your arguments to the court so your bankruptcy can move quickly through the legal system and you can begin to move on with your life.