Ever since the do it yourself home centers opened up back in the 90's, Americans want to try and do it themselves before paying someone for just about everything. There are self-help do-it-yourself books for just about every topic from health all the way down to legal matters such as personal bankruptcy. While it might be noble to take on the task of filing bankruptcy on your own, in many cases it's not always the best idea. First, it is true that it is completely legal to file bankruptcy and represent yourself. If someone is going to attack this legal proceeding on their own, they will first need to get themselves an education on the bankruptcy process.
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The first place to look to get good information on filing personal bankruptcy is the Internet. The Internet has a wealth of information on just about every topic including bankruptcy. Just like everything else in life, people need to be careful of the information they gather on the web. There is no truth meter on the Internet to make sure that the information you're gathering is correct. The way to get the best information is to look for good sources. When gathering information about filing bankruptcy, always look for something that will date the website, because legal information is very time sensitive as laws are always changing. Next, cross reference the information with multiple websites. Although bankruptcy is filed in federal court, every state has different rules and bankruptcy exemption laws. So it is important to gather information for the area that the person filing bankruptcy resides in.
Now down to the brass tacks. When you're filing bankruptcy on your own you will need to list all your personal property on the bankruptcy petition. And when it comes to filling out a bankruptcy petition, all means all. Leaving something out, in the least, might be the dismissal of the bankruptcy filing and make the individual once again fair game to their creditors. On the schedules the individual will have to itemize and list all their property and value it. This is another reason that it's nice to be represented by a bankruptcy attorney to make sure that no property is lost because of improperly valuing the property. To value your property, a person will use the current replacement value taking into consideration the age and condition of the property. Although, many people choose to use garage sale prices, this can sometimes come back and bite them. The bankruptcy court wants to make sure the individual filing personal bankruptcy is making an attempt to be honest and not look like they're trying to defraud the court. Just because you have to list your property doesn't mean that you are going to lose everything. That's why the bankruptcy code has generous bankruptcy exemptions for people to use. The idea of filing bankruptcy is not to take everything away from them to give them a second chance at their life. Since the changes to the bankruptcy code it has become apparent that it is better to use a bankruptcy attorney to make sure that the bankruptcy petition is properly completed. Considering the cost of an attorney versus the amount of debt that has been discharged, it is really quite a value.
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