Finance is the main issue in such cases, and many debtors get daunted while working out the cost involved in paying off the creditors while filing for bankruptcy and coordinating effectively with the bankruptcy trustee. Federal law doesn't require the lawyer or bankruptcy professionals to deal with all types of bankruptcy filings. There are a number of issues to think about for the debtors when they decide to go in for a "do-it-yourself" bankruptcy option.
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Advantages of "Do-It-Yourself-Bankruptcy"
There are a few advantages of dealing directly with the issues. They are:
* Saving money
That's the bottom line motivation of the majority of the debtors who think about a "do it yourself" approach. If you're filing for chapter 7 or Chapter 13, you will cost you around $299. Legal fees would normally run between $500 to $3,000 for a Chapter 7 case, and $1,000 to $4,000 for a Chapter 13 case. Do it yourself-bankruptcy services can't do away with the bankruptcy filing fee, however the services normally cost just a small percentage of what a bankruptcy attorney would normally charge.
* Saving time
Getting ready for a bankruptcy case normally involves many meetings with an attorney for issues ranging from the initial consultation. Do-it-yourself bankruptcy services are available from various companies online, meaning that filings can be prepared anytime of the day or night
* Online help
Forms as well as bankruptcy information is available online, through that you know how to file for Chapter 13 as well as chapter 7. Do-it-yourself bankruptcy services are basically a one-stop-shop. A debtor could review all the issues and download the forms.
Disadvantages of the "Do-It-Yourself Bankruptcy"
The negative aspects include:
* The possibility of making a blunder
This is the one main disadvantage and it's considerable enough that most financial professional adviser debtor to always use a qualified attorney. As many do it yourself bankruptcy services provide online or telephone support, at times through an attorney by experience, which won't stop a debtor from considering a form is filled out suitably, as it isn't.
* Bankruptcy is difficult
Do-it-yourself bankruptcy sites online commonly provide all sorts of bankruptcy information, even though it's much difficult to admit all that details without any practical information. It's a much better deal to have bankruptcy attorneys who aware of the system explain any queries to a debtor in place of a debtor having to instruct himself on the difficulty of bankruptcy.
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