When you decide to file your own bankruptcy you are taking on a lot of responsibility. You have to be very focused on your personal bankruptcy. It can be easy to miss points that are important to the process. It is not abnormal for people to file their personal bankruptcy themselves, but it is always advisable to seek assistance from someone who has been through eh process or who is a professional in the area of bankruptcy.
Options in Personal Bankruptcy
When filing bankruptcy your first determination is what type of bankruptcy to file. The most common choices are Chapter 7 or Chapter 13.
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Chapter 7 is where all debts are erased. To file this you must be under a certain income level. You should also only file this if most or all of your assets are exempt.
Chapter 13 is a repayment plan. The court establishes a plan to repay your debts according to your income. You and your creditors must agree upon the plan. This is best if you have a lot of assets that could be lost through a Chapter 7. Also the new laws require people over a certain income level to file Chapter 13 and not Chapter 7.
Choices to Make in Filing Personal Bankruptcy
You will have many others things you must decide upon as well. As mentioned, exemptions are important. You may have to decide what assets to use as exemptions and what to let go.
You will also have to look at your ability to repay. You may be better off seeking out repayment outside of bankruptcy court instead. That would be less damaging to your credit.
You will also have to decide if you want to hire an attorney once you get into the process to help you in court. In a Chapter 13 having an attorney can really help you to get the best repayment plan.
Important Points to Consider when Filing Personal Bankruptcy
One of the main things to consider when filing bankruptcy and something an attorney would pint out is alternative options. You really have to think about what you can do besides filing bankruptcy. You may be able to figure something out that will leave you in better shape.
However, many times bankruptcy is really the only way to fix financial trouble and that is why the laws are in place. They are there to make sure you do not get too deep in debt and that you can fix the situation and start all over again with a clean slate.
Make sure you do not abuse the system. While there are plenty of checks in place to keep a person from misusing the system, there are still things that you should not do - like filing repeatedly and filing against creditors you do not need to.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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