How to File for Bankruptcy and Save on Legal Fees — 3 Methods of Filing Personal Bankruptcy

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

The Safest Method

This is the least complicated and safest means to declare personal bankruptcy — retain a bankruptcy lawyer full-time. The lawyer will help you through the entire procedure. It is the attorney’s job to evaluate, prepare and file your papers. During the creditors meeting your lawyer will manage all the difficult issues that may arise. The only disadvantage in choosing this procedure is that it costs more. You must find a means on how to filter attorneys the right way for you to get the best possible deal if you want to use this method.

The Hybrid Method

This method is the most followed technique in declaring bankruptcy. The hybrid method normally works best in filing Chapter 7. The key factor here is to employ the services of an attorney or law firm to prepare your papers. You need to pay the service provider with a flat fee. Once they file your petition you are on your own. You can save on legal cost because half of the solution is a self-help 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 deal.

The Cheapest Method

This method 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 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 help 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 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 declaring personal bankruptcy, which technique are you going to choose? The new bankruptcy law does not require you to have a lawyer, but it is in your best interest to seek the advice of an experienced bankruptcy attorney. If you choose to file bankruptcy with out the help of a lawyer, you must show due diligence. Remember that when it comes to filing for bankruptcy, you either lose your assets or you keep them.

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