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If you’ve made the decision that a bankruptcy filing is your best move to get out from under your current debt burden, rest assured you’re not the only one. Thousands of debtors every year are filing for bankruptcy. Recently, with the severe downturn in the economy bankruptcy filings are up as much as 75% in some areas. Many of these filers are opting for a do-it-yourself bankruptcy, filing for bankruptcy without the assistance of an attorney.

In fact, because the recent surge in bankruptcy filings and the lack of competent professional help, the number of individuals deciding to file “pro se” (“for self”) has also increased. A report by the Los Angeles Bar that examined the rise of bankruptcy filers in the area found that nearly one in three bankruptcy petitions in Southern California are pro se. In Santa Barbara the rate is almost one in two.

When the decision to file for Bankruptcy has been made, there are a couple of ways to approach it. The most common way is to have a lawyer represent you throughout the process. The lawyer will likely be experienced in bankruptcy law and qualified to give you legal advice.

The second option is to have a document service prepare the bankruptcy forms. They’ll make sure the forms are prepared correctly but will not be able to offer you any legal advice regarding bankruptcy. Only licensed attorneys are allowed to give legal advice.

Both of these approaches cost money and given that you’re filing for bankruptcy, money or the lack thereof, is probably a big concern.

The third option, a do-it-yourself bankruptcy, might suit you if you’re well-organized and good with instructions. Doing it yourself is the best choice for many who are filing bankruptcy given that they cannot afford to pay a lawyer. Without a doubt, filing for bankruptcy yourself costs less than paying a lawyer, which can run well over a $1000. When you file bankruptcy the other costs you have to factor are the filing fees, $299 for a Chapter 7 filing and $185 for a Chapter 13 filing. However, you can apply to pay this fee in installments or have it waived entirely. Given this scenario, you could file for bankruptcy with no money out of pocket.

While the idea of filing for bankruptcy on the cheap might seem appealing, the downside to a do-it-yourself bankruptcy is that you have do all of the work and it’s not easy. Filing for bankruptcy can be confusing and complex. Bankruptcy is a legal process and a specialized form of law. But, if you have the initiative to get educated about bankruptcy rules and regulations then a do-it-yourself bankruptcy may work for you. Be prepared to research how the bankruptcy proceedings in your jurisdiction work, what type of bankruptcy filing is appropriate for your situation and how you fill out and file all of the necessary bankruptcy forms.

The key to success with your do it yourself bankruptcy filing is persistence and thoroughness. There are many online resources that can help you get started and guide you in the process. A good place to start is by gathering the necessary bankruptcy forms and reading through the instructions.

If you find yourself in need of bankruptcy advice, get a free consultation with a local bankruptcy attorney.

Last month alone, over 126,000 new bankruptcy filings were reported. This number represents a 34 percent increase from July 2008.

The ABI predicts that rising unemployment and the pre-existing high debt burden of U.S. households will lead to a continuation of rising bankruptcy filings throughout the year.

In October 2005, Congress enacted the Bankruptcy Abuse Prevention and Consumer Protection Act which made it harder for consumers to wipe out their uncollateralized debt through bankruptcy.

The commencement of a bankruptcy case is to decide which type of bankruptcy to declare. For most consumers, this is a question of filing either Chapter 7 or Chapter 13 bankruptcy. But what’s the difference between Chapter 7 and Chapter 13 bankruptcy?

In basic terms, a Chapter 7 bankruptcy is the basic type of bankruptcy that was designed to eliminate unsecured debts. It is also referred to as a “straight liquidation bankruptcy”.

On the other hand, Chapter 13 bankruptcy involves reorganizing debt and placing
the debtor on a three to five year interest-free repayment plan.

Both types of bankruptcy must be filed in federal bankruptcy court.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy was designed to eliminate unsecured debts, such as:

• credit card debt
• unsecured loans
• medical bills
• utility bills
• payday loans

Chapter 7 is for a person, company or corporation who cannot afford to pay back their debts. Most people who file Chapter 7 bankruptcy have little or new income and few assets.

Keep in mind, you must qualify to file this type of bankruptcy by taking the Chapter 7 means test.

Under Chapter 7 bankruptcy, if you have significant property that is not exempt under your state bankruptcy laws, the bankruptcy court has the right to sell it to pay off your debts. Exempt property may include automobiles, work-related tools and basic household furnishings.

But don’t panic—in most cases this doesn’t happen. Talk to a bankruptcy lawyer about your assets and qualifications for Chapter 7.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy often gives debtors a chance to catch their breath, by restructure their payments and placing them on an interest-free repayment plan.

In Chapter 13, the bankruptcy court approves a plan that allows for the debtor to pay off a default during a 3 to 5 year period, instead of surrendering property.

That means a person with a steady income can keep usually their property, like a mortgaged house or a car "Apple-style-span" style="font-family:'times new roman';">, while they payoff their debts.

At the conclusion of a Chapter 13 repayment plan, if the filer makes all payments on time, he or she may receive a discharge of his or her remaining debts.

Talk With a Bankruptcy Attorney About Your Options

Whether you decide to file Chapter 7 or Chapter 13 bankruptcy, it can be a good idea to consult with a bankruptcy attorney. Or, if you’re just considering filing bankruptcy, a bankruptcy lawyer can examine your situation and help you decide if bankruptcy could help you get out of debt.

It’s a bankruptcy attorney’s job to help you navigate the bankruptcy laws and court and look out for your best interest. Contact a lawyer today.

With the recent downturn in the economy many people are experiencing financial difficulties. Bankruptcy-Consultation.com is a new online blog developed to provide general bankruptcy information and news to the public and put individuals seeking bankruptcy advice in touch with qualified bankruptcy attorneys across the nation.

Bankruptcy laws were enacted to provide financial relief to those who have been harmed by divorce, job loss, foreclosure, medical bills, disability or other financial turmoil. Usually a combination of unfortunate events leads to significant financial woes. Debts that were once manageable can become insurmountable when combined with a job loss or a personal injury.

U.S. Bankruptcy laws may be able to offer these individuals a fresh start and a new beginning. Bankruptcy-Consultation.com is one of the many online resources available to individual seeking bankruptcy advice to get educated about the process.

One of the key benefits to bankruptcy is that it can put a stop to creditor harassment. The automatic stay provision of the Bankruptcy Code prohibits any further action by creditors to collect debts from you once you file for bankruptcy. However, bankruptcy lawyers say that people who need bankruptcy advice wait too much long before pursuing the bankruptcy option and consulting with a lawyer. Education is the key, and the sooner the better when faced overwhelming debt.

Bankruptcy-Consultation.com can help you become educated about the bankruptcy process and put you in touch with a bankruptcy attorney in your area. To learn more about how personal bankruptcy can help you to resolve credit cards, medical and other debts be sure to enter your contact details to obtain free bankruptcy advice from a local attorney or call toll free (877) 323-0821. Don’t let creditors keep controlling your life, get assistance now.

A lawyer can be a good resource to turn to when you’re looking for bankruptcy advice about the bankruptcy process. At a free bankruptcy consultation you can expect to receive the following bankruptcy advice:

· Is bankruptcy right for you and your financial situation

· What type of bankruptcy is be best you (Chapter 7 or 13)

· Explanation of the relevant state and federal bankruptcy laws

· Bankruptcy advice concerning your specific questions

To get the best bankruptcy advice it is important to be prepared for your free bankruptcy consultation with all your financial documents and your bankruptcy questions at the ready. The quality of the bankruptcy advice that the attorney gives you will be directly related to how well you prepare for the consultation.

To get ready for your free bankruptcy consultation, locate all your bills from creditors, collectors, medical bills, outstanding taxes and court orders that relate to the debts. Get credit reports from all of the reporting agencies. Estimate monthly living expenses such as utilities, transportation and grocery costs List all real estate and personal property belonging to you. Gather all proofs of paid bills using bank statements and cancelled checks.

Bankruptcy lawyers say that people who need bankruptcy advice wait too long before consulting with a lawyer. The sooner you start getting your questions answered concerning the bankruptcy process, the sooner you will be on the path to getting the fresh start that everyone deserves from time to time. A good place to start getting your questions about bankruptcy answered is here for a free bankruptcy consultation.

With the huge spike in foreclosures due to the downturn in the economy, loan servicers and the courts are having a difficult time keeping up with all the mortgages in default. It is not uncommon to hear stories of homeowners not paying their mortgage and remaining in their homes for well over a year.

If you’re behind in your mortgage payments and facing a foreclosure there many options you have available to you. Loan forbearance, loan modification or a short sale instead of a foreclosure are all options you should look at. If you have investigated all theses avenues and have not been able to work out a sensible solution it might be time to consider filing for bankruptcy.

The Automatic Stay Temporarily Stops the Foreclosure Process

When you file bankruptcy, an “automatic stay” goes into effect. After filing for either a Chapter 7 or Chapter 13 bankruptcy, the court will order your creditors to immediately stop their collection activities with limited exceptions. These exceptions would be if the foreclosure process was already too far along and the creditor prevailed in a motion to the court lifting the stay.

If your home is scheduled for a foreclosure sale and you file for bankruptcy, the sale will be postponed while the bankruptcy process takes place. Depending on how busy your local Bankruptcy Court is, this process can typically take approximately four months. With the recent surge in filings it’s not uncommon for this process to take longer.

Chapter 13 Bankruptcy and the Foreclosure Process

If your financial situation is such that you could continue to make a mortgage payment but have got into trouble because you haven’t been able to keep up with other debts, then you would probably want to consider a chapter 13 bankruptcy filing. Under this process the court could allow you repay your unpaid mortgage payment and late fees over a period of up to five years. Any second and third mortgages could be recategorized as unsecured debt and no longer a factor in keeping your home.

Chapter 7 Bankruptcy and the Foreclosure Process

If there is no chance that you will be able to continue paying your mortgage payment a chapter 7 filing might be in order. This process will postpone the foreclosure and give you a chance to save some money and transition into a new place to live. The debt secured by your home will be cancelled along with many of your other debts. The downside to this is that the Chapter 7 filing may also force you to give up property you would like to keep. Property over a certain value must be turned over to offset what the creditors are owed.

Bankruptcy can have long lasting effect on your credit and can cause other consequences such as breaking apart your family and robbing you of your dignity. With the proper mindset, however, bankruptcy can be a valuable tool when weathering a difficult financial period in one’s life. The best place to start when considering filing for bankruptcy to prevent or postpone a foreclosure is to get a free bankruptcy consultation with an experienced bankruptcy attorney.

Be sure to read the disclaimers. Bankruptcy laws, like all laws, are constantly changing. Nothing in this website or guide should be considered legal advice. Contact a qualified lawyer to get specific answers to your questions.

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