Do It Yourself Bankruptcy
Do It Yourself Bankruptcy:
The importance of consulting a lawyer, having expertise and experience in dealing the cases of personal bankruptcy, can not be ignored, however, amendments in personal bankruptcy laws have allowed a person, who wishes to file a petition for personal bankruptcy, to represent himself in the bankruptcy court.
Ever since this amendment has been made in personal bankruptcy laws which allows the applicants to represent themselves in the bankruptcy court, the need of a comfortable and easy to handle procedure of filing a petition for personal bankruptcy has evolved. This very need has given rise to websites and online firms which offer their clients an uncomplicated and easy package of filing their petitions of personal bankruptcy. This process as a whole, where a person files his petition himself for personal bankruptcy, is commonly known as Do It Yourself Bankruptcy.
The packages designed for Do It Yourself Bankruptcy must essentially have certain characteristics and attributes to help the person who wishes to file his petition for personal bankruptcy. Firstly, the package should be user friendly and it must possess the attribute of understandability, so that the person filing his petition for personal bankruptcy can use and understand the whole process easily and effectively. Secondly, the package designed for Do It Yourself Bankruptcy should be perfect in terms of paperwork, so that the person filing for personal bankruptcy can present all the required and relevant information in absolutely perfect order for the purpose of court proceedings.
The whole process of Do It Yourself Bankruptcy begins with the preparation and filling of the all the documents and papers that are required by the bankruptcy court. The person opting for Do It Yourself Bankruptcy should fill all the documents and forms needed by the court and submit them to the nearby bankruptcy court. After submitting the petition, the clerical staff of the court will issue a case number to the person who has filed the petition. This case number should be used as a reference, if the creditors approach the person for the recovery of their debts.
From here on, the bankruptcy court will issue letters to the creditors of the applicant within a period of 20 to 40 days telling them about the petition for personal bankruptcy filed by the applicant and binding them not to approach the applicant directly from here on. If the creditors fail to obey the directions of the bankruptcy court, the person who has filed for bankruptcy should tell the court about it and the court may even charge the creditors with penalties and fine under personal bankruptcy laws.
The bankruptcy court will assign a liquidator for the petition of the applicant and the liquidator will call a meeting of the applicant and his creditors with in a few weeks to settle the issue. After this meeting of the applicant and his creditors, the liquidator will bind the applicant to submit the certificate of completion within 45 days and once the certificate of completion is submitted the liquidator will liquidate the assets of the applicant to pay off his creditors.
This is an Original Article written by the DefeatBankruptcy.org Staff
and may not be reprinted in any form without prior written approval.
