Many people are not aware that the steps to filing bankruptcy are so easy that they actually can do it on their own. While it is true that sometimes you would need professional help, it does not mean that you would need them to hold your hand throughout the whole process. You can also file a bankruptcy without a lawyer present. However, that means you are fully aware of all legal proceedings and can go through the process on your own.
Have all your documents prepared. Before starting the filing process, be aware of all the important paper work involved. You must prepare your tax returns for the past couple years, all your income, and most importantly all your outstanding debt statements. This will help the courts in understanding your overall debt and why you are filling for bankruptcy.
Undergo the mandatory counseling program. This counseling is essential to the petition process. You have to pass the counseling before going to the court. Despite the name, the purpose of this counseling is for you to figure out which bankruptcy chapter would suit you. If it is chapter 13, then during this step you must come up with payment plan proposals that the court will review before allowing the filing.
The last step is to go to the court and file for bankruptcy. The counseling step has prepared you for a total dissolution or an arrangement. If it is the latter, then it is time to see if your payment plan will get a quick review and approved, or do you have to come up with a better plan to have it approved. You could always consult with your bankruptcy lawyer or find an online calculator to give you payment plan estimation.
As you can see, the bankruptcy process only requires three simple steps. Things can get complicated, but not always. As long as you keep your papers in order, the whole process will not take more than six months. And when it’s done, you can put your full attention on re-establishing your credit score and building your financial life back.
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