Chapter 13 Personal Bankruptcy Can Be A Very Complex Undertaking

April 14, 2010 - PRLog -- Good news for you there is several ways in how to file for bankruptcy.  You can choose a bankruptcy attorney, file the documents and handle the bankruptcy yourself or choose from available online services and file with online help. That would save up to thousands of dollars in attorney’s fees, with Chapter 13 personal bankruptcy generally costing 50 percent more than chapter 7 bankruptcy. It's perfectly legal to file without the assistance of an attorney, but most experts suggest that's the best way to proceed. Consider these issues when deciding how to file for bankruptcy.

Bankruptcies Are Complicated and particularly Chapter 13 personal bankruptcy.

It's not star wars, but there's no two ways about bankruptcy - its complex. The filing for either of the two individual bankruptcy chapters is long and detailed and requires information on your income and expenses for the past six months. The Chapter 7 bankruptcy Information requires a decision on whether the presumption of abuse exists in a Chapter 7 bankruptcy protection filing. Knowing what that means requires familiarity with bankruptcy laws, and being able to figure out the calculation needed to come up with the answer is even more difficult. Basically, abuse is presumed in a personal bankruptcy case when a high-income debtor has enough disposable income to be able to pay at least $167 a month to creditors. The presumption of abuse, concluded after conducting the Means Test, forces a debtor to go to Chapter 13 bankruptcy or give up the bankruptcy filing entirely, if not successfully rebutted.

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Experience is the key when it comes to bankruptcy especially in Chapter 13 personal bankruptcy.

Online sites offer computerized forms that take in information and produce filled out bankruptcy petitions that match the paperwork that your local bankruptcy court accepts. This could certainly be sufficient way to file for bankruptcy in relatively straight-forward cases. But are you sure you provided all the proper information? Did you have a question and could you get it properly answered? An attorney who handles bankruptcy cases for a living knows what a trustee wants and expects to see and what may prompt some questions. In the case of a debtor who files on his own behalf, the question again is one of experience. Bankruptcy is about getting a fresh start in life and it only makes sense to take the utmost care with the forms and the process designed to take a debtor to that destination. Also many are now considering medical bill bankruptcy and this can be either chapter 7 bankruptcy protection or if more complex it can morph into File chapter 13 bankruptcy.

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