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A "Do-It-Yourself" bankruptcy hard to accomplish with a Chapter 7

Those who are in the position of needing to file for Chapter 7 bankruptcy in Cuyahoga Falls are usually in such a position because money is tight. What many don’t realize is that the choice to file bankruptcy also brings with it some financial and legal obligations that can quickly add up, leaving one who’s already stretched thin with the added worry of now covering the costs of the very process meant to help save him or her from financial ruin.

A Chapter 13 is a bankruptcy in which one may reorganize their current financial obligations to make them more manageable. Even while under bankruptcy protection, one still must make monthly payments on his or her debts. These payments are often made directly to the court, who will then disperse them according to a pre-determined arrangement with one’s creditors.

A Chapter 7 bankruptcy can potentially be much more complicated than a 13. In a Chapter 7, current assets are repossessed and sold to help pay off certain creditors. Among those assets seized may be one’s home and /or vehicle, yet filers may often also work with the court to find a way to keep those larger assets out of the bankruptcy proceedings. While it offers the promise of a somewhat fresh financial start, a Chapter 7 may require a greater dedication of funds and resources to find a resolution.

While there certainly are resources available online to assist one with his or her bankruptcy filing, it’s usually recommended that due to the special attention needed for certain aspects of a Chapter 7, that one work with a bankruptcy lawyer. That lawyer may be the key to helping one secure a favorable outcome, and hopefully, to retain a majority of his or her assets, making the extra money spent worth it.

Source: Los Angeles Times “Filing for Chapter 7 bankruptcy on the cheap” David Lazarus, Oct. 03, 2013

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