DIY Bankruptcy

Do-It-Yourself bankruptcy?  Do people really file for bankruptcy on their own behalf??

Yes, you can file personal bankruptcy without a lawyer or attorney. Is it a good idea? That is up to you and your particular situation.

There are kits and form available from your local stationary store or courthouse that will give you the documentation you need to have to file for bankruptcy.

Why would you file yourself?

Actually, the reason is very simple. It costs money to file for bankruptcy. Many individuals who have zero assets have a hard time arranging payment to a law firm, attorney or paralegal. So, last choice is the D-I-Y method.

Although people do file and manage their own bankruptcy it is fraught with pitfalls. A personal bankruptcy attorney knows the game and knows how to make sure the debtor can come out of the process in the best position. They know the game, and how to play it. And, in many cases, they will take

their compensation from the disillusionment of your personal assets. So, in many cases, you don’t have to pay them out of your pocket.

Secondly, most reputable lawyers and personal attorneys who specialize in bankruptcy will give you a free consultation to discuss your situation. This can work for you in two different ways.

1) You might find that the time and effort saved by letting a professional handle this process is worth a great deal of peace of mind. And, if their payment is coming from selling your assets, why not?

2) If you are in a large enough city you can probably arrange a few free consultations. After that you might have enough knowledge to go the DIY route.


Last thing, if you have assets you wish to retain, a wife or children, or a business, I suggest you seriously consider using a reputable firm to handle this process for you. When you come out of insolvency you would like to have a fresh start without having to worry about forgetting to “dot an “i”, or cross a “t”.

Whatever you decide, remember the initial consultation is usually free. Get all the information you need, and all your questions answered BEFORE you make a decision. If you feel confident, take the DIY bankruptcy route is that’s your choice.

Good Luck