Filing Your Own Bankruptcy: Is it a good idea?

This personal bankruptcy story was posted on the internet in December of 2010 as a comment in a discussion on bankruptcy: “Well…After spending day and night for about the past 5 days, I put my petition in the mail this morning and should be there tomorrow. Now I can sit and worry if I screw anything up. In particular the Land Contract thing….another poster told me to get an attorney, which I don’t have $1700 and I had to file quickly because my wages will be garnished next week and I cant afford to have that. Anyway, since the land contract was never recorded, on the statement of intentions I filled out the unexpired lease part because I don’t really have any claim to the property. I’m hoping I made the right choice. I suppose I could always file an amendment. Good lord I’m driving myself nuts..lol”

The debtor in this personal bankruptcy illustration is filing his own bankruptcy. Anyone has the right to do just what this debtor did. You can go to the US Bankruptcy Court website at: http://www.uscourts.gov/FederalCourts/Bankruptcy.aspx , and they will offer you information and online help for filing. You can learn all kinds of things about how our bankruptcy system works at the website. What you must remember in visiting the sight is that the Court is obligated only to help you find information and answer questions you may have with the system. The Court is not obligated to give you advice on what they think you might do. As a matter of fact, the Court has just as much responsibility to inform the creditors of their rights under the law as they do any debtor. Filing for bankruptcy is a legal proceeding that is designed to protect both creditor and debtor and to allow the honest person or business to work their way out of a bad financial situation, or in some cases, to completely start fresh. The only way the Court can do that is by being impartial when it comes to our bankruptcy laws.

If you have good sound reasoning abilities, can read, and absorb a lot of detail, depending on the complexity of your own situation, there is a good possibility you can successfully and efficiently file for your own protection. But like the debtor in our illustration alludes, if you don’t really understand all the details, then you may be sitting yourself up for some sleepless nights worrying about any legal mistakes you have made in the process. There is also the possibility you may not have maximized every legal advantage because you did not know the right questions to ask. That is why it might be wise to invest in a bankruptcy attorney who can help you with questions related to your particular situation. The attorney will not only help answer your questions but can be your advocate in representing you through the process.

Many attorneys will provide you with a free consultation to see if you are in need of their services. Normally during the initial consultation, you can learn a lot about your situation, what to expect through the ordeal, and the cost associated with the attorney’s services.  Some attorneys will even work out a payment system you can afford. Regardless, you can check out more than one attorney to find the one you feel most comfortable.

There is no easy way out of a bad financial situation. They can happen to anyone, and the way out of them amounts to a lot of hard work and determination to overcome. Maybe you have found yourself in a difficult financial situation, and you are considering bankruptcy as an option. If this is the case, you are going to need a bankruptcy lawyer to properly help you understand how the complex bankruptcy laws may apply in your situation. So, if you determine you are in need of relief from the stress associated with debt, contact us today. We will help you find a bankruptcy attorney in your area that will help you with any questions you may have on bankruptcy law.

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