The Process Of Claiming Bankruptcy

Once you have researched your financial options, examined the types of bankruptcy, and determined that you in fact must file, then you might consider two primary ways to file bankruptcy claims:  doing it yourself, or hiring a professional.  In either process, you (or a professional working on your behalf) will be entering information about your assets, liabilities, etc. onto federal forms, and filing such forms with the U.S. Bankruptcy Court. 

Do-It-Yourself Bankruptcy Claims

You can file for bankruptcy yourself, but be prepared to work through the various complexities associated with bankruptcy codes.  Requirements and options include:

• Federal Bankruptcy Documents

You can download bankruptcy forms, which you can then print, fill out, and return to the U.S. Bankruptcy Court to begin the bankruptcy process.  You can locate these documents online at www.uscourts.gov, and clicking on Forms and Fees, then Forms, and then Bankruptcy.  Specific, step-by-step instructions are included on this page for filers.

• Bankruptcy Software 

You can also employ bankruptcy software, which works much like popular tax programs, to take you through the bankruptcy process without the complexities of federal forms.  You simply need to enter the names, addresses, and other relevant information regarding your creditors, liabilities, assets, and other financials.  The program then generates all the court documents and delivers them to you via email or a link for downloads.  Remember, the accuracy of these forms is not guaranteed because the program cannot ensure that the information entered is completely accurate, or that you have disclosed all of the necessary data.  You can purchase such software through a variety of online websites.

Professional Bankruptcy Filing

Instead of doing it yourself, you can seek the assistance of a bankruptcy professional. 

• Bankruptcy Preparer 

To simplify the form-filling process, you can have a professional bankruptcy attorney or bankruptcy preparer prepare your forms for you.  These preparers help you organize your information, then complete and deliver the forms to you.  Trained trustees are also available to check the forms for accuracy.  While again there are no guarantees of absolute accuracy if you hire a paralegal or other preparer that is not an attorney, many prefer this petition preparer option, particularly when needing more guidance through the application process. 

Getting Help

A lawyer can assist you with various aspects of the bankruptcy process, including when to file, whether to file for Chapter 7 or Chapter 13 Bankruptcy, and how to file documents completely and accurately.  While this is not an inexpensive option, it offers filers considerable security and assistance through the bankruptcy process.