Sometimes, filing for bankruptcy on your own seems to be the best way out. In as much as there is some truth in this, you need to understand what you would lose if you decide to do it alone. You may cut down on the costs of paying the attorney, but I think your assurance that you are well represented is worth much more than the few bucks you will part with for the legal charges.
Filing for bankruptcy on your own is actually possible. This is due to the fact that you can do so online, with the use of special software. The software automatically guides you on the kind of petition to file, depending on your prevailing financial position. You thus need to understand the various chapters of the law before setting out to fill out the availed forms.
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You should be also be advised that filing for insolvency should only come as your last resort. This means that you should consider all the available options before you settle for it. With the new emergent laws of insolvency, it is highly recommended that you attend some counseling classes that will give you insight on what bankruptcy implies.
By the end of the classes, you should be able to clearly understand the difference between chapter 7 and 13. These are the most common chapters under which you can file for insolvency. While one requires that your assets be liquidated, the other one gives you up to five years for you to clear your debts in installments. Get to know how each directly affects you. In addition, arm yourself with the requirements of the law and court proceedings and you are ready to go.
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