Ways & How

how to file bankruptcy yourself

how to file bankruptcy yourself

If you are planning to file a petition for bankruptcy, and you don’t have enough funds to cover the whole litigation expenses, the process may be difficult for you. However, studying the basic guidelines on how to file bankruptcy yourself can possibly temper the amount of expenses arising from the petition. Filing the case yourself does not necessarily mean that you are relieved of any litigation expense. There is still court fees that you may be required to pay.    Bankruptcy is a legal action initiated by a person or business entity (debtor) that is no longer capable of meeting outstanding debts and liabilities. The debtor’s properties are assessed and evaluated by a trustee, so that a portion of them may used to pay some of the current debts. Upon the termination of the proceeding, the debtor is likely relieved of the debt obligations. The tips below can help you in filing for bankruptcy yourself.

  1. Look for other remedies. If there are other solutions available that can enable you to meet your debt obligations, then filing for a bankruptcy petition may not be a good idea.



    tiating a bankruptcy case requires that you, as a debtor, be completely broke. Remember, filing for bankruptcy can have an adverse effect on your credit record or rating which, in turn, can affect your future financial transactions. Therefore, think about it many times before finally deciding to proceed with the case.

  2. Know the bankruptcy chapter applicable in your case. Bankruptcy gives the debtor a chance to start anew. Theoretically, bankruptcy is beneficial to the growth of the economy since debtors are given another opportunity to start afresh while creditors are offered a mode of debt repayment.

    In the U.S., bankruptcy filing falls in one of the different provisions of the Bankruptcy Code. The provisions are Chapter 13 (which involves a debt repayment scheme), Chapter 11 (which involves the reorganization of a business entity), and Chapter 7 (which involves asset and property liquidation). In order to identify which Chapter is applicable in your case, you should comply or take the so-called “Means Test” requirement.

  3. Engage the services of a lawyer. This is not really mandatory since it is legally permissible to go on with the case yourself. However, having a bankruptcy lawyer to help you throughout the proceeding is advantageous. Remember, a bankruptcy case entails legal processes, legal papers, and financial analysis.

  4. Discuss your case. Once you have decided to have your case be represented by a lawyer, he or she must know your situation in order to establish the right strategy for the filing of the petition. Furnish your lawyer with copies of your income and expenditures, particularly for the past six months. It is crucial that you keep open and constant communication with your lawyer, so you can have regular updates about the progress of your case.

  5. Attend the creditors' meeting. Once your petition is successfully filed, a notice will be sent to you regarding the date of the creditors' meeting. During the meeting, you may be required to execute a sworn statement pertaining to your petition, as well as the understanding that you are initiating the bankruptcy case.

  6. Wait for the discharge. Usually, it takes around 60 days before you can be completely discharged. After the meeting, all creditors are given 60 days within which to contest the discharge of your debts. After that period, you may no longer be held liable to pay your debt obligations.

Going through a bankruptcy proceeding is litigious, stressful, demanding, and physically draining. However, the process can actually be done as long as you know how to file bankruptcy yourself. It is suggested that you ask yourself first if bankruptcy is the only remedy left for you. If so, then the tips above may be of help to you.

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