File Bankruptcy Yourself
As seen on The Today Show!
Filing bankruptcy can relieve the stress you are feeling due to not being able to pay your bills. The average bankruptcy filer has an income of just $24,000 a year and has lost significant income due to either a serious medial issue, lost employment or divorce. Bankruptcy doesn't have to be embarrassing, it can give you a new start. When you file bankruptcy, creditors will immediately stop calling and mailing you, so you can concentrate on getting your life back together.
What is involved in the new bankruptcy laws? Can you still file yourself?
The new bankruptcy laws have basically two areas that you now have to complete in addition to the old paperwork. The first is Means Testing.
What is Means Testing?
It is simply comparing your income and family size to the averages in your area. If you make less than this average, it is said that "The presumption does not arise." Simply put, that means you are probably not hiding lots of money and filing bankruptcy to get out of paying debts that you can actually pay. If your income is more than the average, then you continue on with the form and input all of your expenses, such as food, housing, car, healthcare, etc. After taking into account all of your expenses, if you are still making too much money, the courts will likely force you into a Chapter 13 repayment plan.
Financial Management Course
The other step to filing bankruptcy now is the mandatory credit counseling. This requirement isn't as hard as it seems. It's a simple 90 minute seminar, you do not have to take a test or anything. It's really just a ploy by the credit card companies that paid for the bankruptcy reform to get one more chance to convince you to not file bankruptcy. As with 99% of all bankruptcy filers, you wouldn't be filing if you weren't in serious trouble and could actually repay your debts.
So, can you still file yourself?
Absolutely! The bankruptcy laws have not changed this, you can still represent yourself in the bankruptcy court and save yourself hundreds if not thousands of dollars. The additional paperwork is not that obtrusive, although it is lengthy, but that's why we are here to prepare it for you! If you do need an attorney though we highly recommend LegalMatch to find a competent bankruptcy attorney in your area.