With the continued downturn in the economy, many people are reviewing various means of debt relief, including bankruptcy. For many, bankruptcy has proven to be a blessing in providing relief from unscrupulous debt collectors. Some have turned to debt consolidation companies, only to find the companies are not really providing anything that the client could provide themselves.
In either case, eventually one is sometimes forced to look at whether or not bankruptcy is a feasible alternative. The good thing is, there are many attorneys that provide free consultations when it comes to bankruptcy as a service to the public. Whether you plan on filing bankruptcy by yourself, or hire an attorney, you should take advantage of a free consultation from a local attorney. There is also a wealth of information on the internet concerning bankruptcy; but, be careful, as there is also a lot of misinformation. A good source of information can be found on various federal court websites, and at http://www.uscourts.gov/.
If you deside to file bankruptcy on your own, make sure you review the bankruptcy code, bankruptcy rules, local rules for the jurisdiction in which you are filing, and case law. You will find that filling out forms without a competent understanding of how to fill them out, can lead to unintended consequenses. For example, when filing out the schedules that are filed with the court, a recent case outlines the importance of understanding how Schedule B and Schedule C are filled out. The particular case I am speaking of addressed the difference in listing a specific value for property on Schedule B, with that specific value being exempt on Schedule C, as opposed to list a percentage of the value on Schedule C. When you fill out the forms, the forms do not address the alternative ways they can be filled out, or the consequences for filling out the form incorrectly.
