"Don't listen to anyone who tells you he handled his own bankruptcy and everything went just fine." says the author of a book on bankruptcy. The author says that, because he just wants you to buy his book. I filed for bankruptcy myself in 2007, and everything went just fine, and I don't even consider myself the fastest horse in the race, either. But, if I can do it...anyone can do it! I saved more than $1,000 by doing it myself!
In 2005, the Department of Veteran Affairs and Social Security declared me to be disabled, so I knew I was going to have to file for bankruptcy at some point in time, etc. I couldn't pay back the debt I had acquired over the last few years.
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Because of the new bankruptcy law, that came out in 2005, the legal fees would be about $1,500 which I could not afford. The court filing fee is $300 and has to be paid, and there's no getting around, unless you're a vegetable, etc.
So, about a year went by, and I still had not done anything about the filing, and the bad credit report was going to hurt me in the future unless I filed. And, then one day, I read some place, that an individual could file for bankruptcy without the aid of an attorney. If so, I could save over $1,000, and I wouldn't be happy with myself, unless I at least tried. As I said previously, I'm not the fastest horse in the race, etc.
I think my biggest asset in doing this was patience. I allowed myself about four months, to learn what I could about bankruptcy laws on filing, etc. I went to the U.S. Bankruptcy court website and I started down-loading the forms that were required. I worked on this a little bit at a time, to get familiar with what was needed by the court.
In an article written by Frances Cerra Whittelsey and entitled, "Down and Out," and the question is asked, Are bankruptcy reforms catching deadbeats or bullying the destitute?" The article goes on to read, "Since a tough new federal bankruptcy law went into effect in 2005, the number of Americans going to court to wipe out their debt has plummeted. 'It's hard to make a long-term prediction, but it looks like the new law is working as intended, cutting out abusive filings and filings of convenience,' says Laura Fisher of the American Bankers Association in Washington.
"That's patently ridiculous," counters Brad Botes, a member of the National Association of Consumer Bankruptcy Attorneys. He thinks it's only a matter of time before the number of personal bankruptcies is back up to pre-2005 levels. 'The problem is still there: too much easy credit.' Companies continue to send credit cards to anyone who has a pulse...and to some who don't.'
The argument continues...
In my case, everything I needed was downloaded from the Bankruptcy Court's website. And, the court is very fussy about how things are done, so if you're planning to file for bankruptcy, you'd better have everything the way the court wants it, etc. If you don't, your case will be dismissed and you'll have to start all over again, and pay another court fee!
I set a date for my filing, and two weeks before I filed, I went down to the courthouse, to ask a few questions about my case and a few things I wasn't clear on. I'm glad I did, because the woman gave me a few new forms and struck out a few things I didn't have to do. When you down-load all these forms off the court's website, you're given step by step instructions as to what to do and when to do it, etc. If the court calls for taking a credit counseling course and filing the completion certificate...DO IT! If the court says to submit a money order or a cashiers check...don't come bobbing in with one of your rubber checks to pay the filing fee! PLEASE!
I made two copies of all the forms, and I filled out one of the set in pencil, took notes, and when I was satisfied that everything was right, I filled in the copies with ink to turn into the court, etc. All the instructions are clear from the court. Follow them and you should have no problems.
When filing day came, I went down to the courthouse and gave my manilla envelope with my forms and my floppy disk. The first thing the woman did, was to check my floppy disk, to see if I had done things right or not. If the instructions call for you to put all your creditors on a disk...on NotePad...don't put it on Word or WordPerfect. Everything on the disk was okay, and she told me to wait about 15 minutes and not to leave the office.
After about 15 minutes, the woman gave me a receipt for the money order; stamped copies of the forms and instructions for the next step. I was to attend a creditor's meeting in about three weeks on the 12th floor of the courthouse. In the meantime, I had to attend and complete a financial management course, which would last all morning, and mail the completion certificate back to the courthouse.
And finally, I had to attend a creditor's meeting, which is an open, public meeting to allow the creditor's to contest the filing or speak out as they may. No credidor's showed up. During the meeting, the Special Master, turns on a tape recorder, swears you in, and asks you about three questions. This process doesn't take very long, and then you are dismissed. If everything is done right, you'll get a final approval from the court in about 4 to 5 months. Good Luck!
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