This Article is About
federal bankruptcy court
filing for bankruptcy
repayment plan
credit score
two ways
How To File Bankruptcy Yourself
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There are two ways to file for bankruptcy. You can either see a lawyer to help you through the legal procedures or file bankruptcy yourself. You will save a lot of money if you know how to file bankruptcy yourself. If you know how to file bankruptcy yourself, you will not have to pay any legal fees or have an attorney do it for you. Filing for bankruptcy may be the only solution you have for the endless unbearable debts that just will not leave you, no matter how hard you try! Filing for bankruptcy yourself may be the only way to obtain a measure of relief from those creditors who will keep harassing you. So, if you want to file bankruptcy yourself, I will put you through the whole process below.

Before you file bankruptcy yourself, you need to be familiar with the type of bankruptcy you can file for. Chapter 7 and Chapter 13 are the two common types. Both bankruptcy types will have to be filed at the Federal Bankruptcy Court and each of these types requires the fulfillment of some conditions. If you decide to file bankruptcy yourself, if it is Chapter 7, it means that you are opting for liquidation of your assets to repay your creditors. If you file for bankruptcy yourself under Chapter 7, it will be reflected on your credit score for up to 10 years after filing. With Chapter 13 however, it means that you are opting for the repayment plan whereby, you opt to pay your debts with the future income that you look forward to having. Going for a bankruptcy means test will actually tell you the type of bankruptcy to file for. Now, let's discuss the nitty gritty in knowing how to file bankruptcy yourself.

After you have made up your mind as to the type of bankruptcy you want to file for, it is time to prepare a list of all your assets, details of your monthly income and expenses. Do not forget to also gather all your bills, names and addresses of the creditors with the amounts you owe them.

Now, you are ready to acquire the bankruptcy form either online or at the court. File out the details according to the instructions on the form. Once the form is filled, submit it and file the bankruptcy at a bankruptcy court close to your residence if you are filing for Chapter 7. The Federal court is the right place to submit your form and repayment plan if you are filing Chapter 13.

The court will usually give you an "automatic stay" that will prohibit your creditors from filing or continuing with lawsuit, wage garnishments or even phone calls to harass you for money.

At about 20 to 40 days after you file for bankruptcy, the court will notify you to attend a "341 meeting" which you have to attend. The meeting includes your creditors in the presence of a trustee where you will be questioned about your financial affairs in about 15 minutes. If you file bankruptcy yourself under a Chapter 7, the court will accept your petition and the trustee will liquidate your nonexempt assets. For Chapter 13, the court will officially approve your repayment plan.

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