If you happen to be in dire financial straits and you need to file for bankruptcy, you can often take the process through yourself without having a bankruptcy service or an attorney, file for you. Such an option is usually open to you if your case is relatively straightforward. Filing for bankruptcy on your own used to be quite an inexpensive way of going about bringing a little sanity to your financial life. Recent changes to the law though have made it a bit more expensive than it used to be. The law also makes you take money management classes and credit counseling that can add up to quite a bit in fees. If you plan to be filing for bankruptcy under Chapter 7 or 13 yourself, the court will ask you to pay up front for the counseling and the classes. You'll need to plan for a way to pay for these.
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The fees involved in filing for bankruptcy have gone up in recent years. Today, to file under Chapter 7, it costs about $300, and filing under Chapter 13 costs $275. These fees rise from time to time too, and you should probably aware of what exactly you are getting into before you file that petition. While it might seem like a good way to save money, to plan to go through the process of filing yourself, it does take a lot out of you to learn all about the legal requirements that the process involves; you need to have a knack for understanding legal language and following legal instructions. If you feel that you aren't really up to the task of tackling the laws to do with bankruptcy filings all by yourself, you'll have no choice but to seek legal advice.
The choice in doing that of course, comes down to how much it ends up costing. Typically, it can cost anywhere above $1500 to hire an attorney to go through the filing process for you. They will collect information from you to do with your tax data, with what you've been earning over the previous two years, and about the kind of assets you have - real estate, vehicles, jewelry, large, valuable items like furniture or entertainment equipment. The kind of information they ask for alone, should make it easy for you to see how complex a process this can be. Filing for bankruptcy on your own may only be a viable option when you have a very simple financial life.
Anyone with several bank accounts, several kinds of property, tax exemptions and write-offs that they can claim and investments on top of that, will find that hiring a bankruptcy lawyer may be the best thing to do to help keep their sanity through their bankruptcy proceedings. In filing for bankruptcy yourself, you'll find that a Chapter 7 filing is a lot more manageable for the individual than a Chapter 13. As long as one plans for all the bills one has to pay going through the process, it can really can work. But one does have to have a head for these kinds of things.
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