How To File Bankruptcy Without An Attorney
Filing for financial insolvency is hardly an easy to decision to make but sometimes there simply is no way out of debt and seeking court protection is the most logical solution to make. Many people have no idea of how to file bankruptcy which is why almost everyone petitioning for insolvency hires an experienced attorney to file their petition. The courts are receiving a record number of petitions for financial insolvency because many people affected by the poor economy are seeking court protection.
There is no shame in filing for financial dissolution but petitions must be properly completed or else the petition will be returned by the judge. Many people have been known to recover from financial dissolution and in fact many millionaires tout stories of how they have risen from bankruptcy to become independently wealthy. Filing for financial insolvency is not the end of the world and in fact many people who once had to file for insolvency go on to become successful business people, real estate investors, and entrepreneurs.
People filing for financial insolvency can take heart that calls from creditors are required to stop. The court will actually warn creditors to stop calling and harassing petitioners once the petitioner has filed for court protection. If the calls persist the court will in some cases levy a fine against the creditor and in some cases prosecute the creditor who continues to harass the petitioner.
The petitioner can rely on his lawyer to guide him through the complex legal process which involves the proper submission of credit reports, asset reports, and other financial records. Most individuals file for chapter 7 dissolution which is in essence a wiping clean of the financial slate and all debts are discharged. Some business owners will file for chapter 13 which is in essence a repayment plan so that the business can remain open.
A business can continue to operate if a chapter 13 dissolution is petitioned if the company has the ability to pay back its creditors under a modified payment plan and if the company can show a reasonable level of profitability. The petitioner’s attorney is responsible for showing the company’s ability to remain profitable. The attorney will also be responsible to show that the company will be able to meet its new repayment obligations.
Some lawyers charge a flat fee while others charge an hourly rate. Many lawyers offer an initial free consultation so that the petitioner can discuss the likelihood of the court approving his submission. Not all petitions are approved but the odds of a petition being accepted are increased if the petition is submitted by an attorney on behalf of his client.
Petitioning for financial dissolution need not be a shameful decision because many people have no other choice but to seek court protection. When the petition is filed the haranguing phone calls must stop. Collection agencies must stop harassing the petitioner for money or else face a stiff penalty. Filing for financial dissolution is not the end of the world and in fact many millionaires today have at one time had to declare insolvency but it is best to have legal representation when seeking court protection.
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