Every year, hundreds of individuals go bankrupt as they are unable to pay off their debts. As they are already broke, it gets more difficult to hire a lawyer as their fees make up a huge part of the bankruptcy. However, now you can file your bankruptcy case without the help from any lawyer.
While you will end up saving lots of money but it is a serious task. You need to be aware of the different steps to be taken and you cannot falter even once otherwise the entire effort will be wasted. Following are the 5 steps that you need to undertake:
- Means Test: when you are planning to file your bankruptcy case all by yourself the first step should be to conduct a “means test” to find out where you fall under the Chapter 7 of bankruptcy laws. The federal government provides a test form that you can opt for or you can also take your pick from the online versions available. In this test, you will be asked general questions about your job, income, number of family members, whether you have any asset or so on. The answers to these questions will determine whether you are fit to apply for the bankruptcy on your own.
- Credit Report & Counseling: in the next step you have to acquire the credit report from all the 3 credit bureaus. It is vital to collect all the 3 reports because if one of these bureaus fail to report any one of your debts, it will not be discharged as part of your bankruptcy. Hence you need to collect all the 3 reports.
- The Paperwork: completing the paperwork is the most time consuming of all the hassles involved. The safest bet is to download all the forms, read them carefully, fill them out and attach the documents that you need to submit along with the forms. You can submit all the relevant documents either by person or through mail. Don’t forget to give a prompt response when contacted by the bankruptcy trustee. Inability to do so can get your case dismissed.
- Meeting with Creditors: as per the fourth step, you will have to attend the meeting with your creditors on the scheduled date. Generally the creditors won’t be there but the trustees will be. They will ask you some standard questions that you need to answer. Give accurate answers supported by fact.
- Personal Financial Management Instruction Course: as your final step, you need to complete a post filing the above mentioned course. Make sure that you complete the course within 45 days of meeting with the creditors.
Check out the U.S. Trustee Program’s site to find the course that best meets your requirement. Once you complete the course, wait to hear that your case has been discharged.
This topic is contributed by www.rossbachlawfirm.com
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