Bankruptcy is a legal process, which is designed to give honest but unfortunate debtors a release from their dischargeable debts. The principal policy behind bankruptcy is to give people a “fresh start” when they can’t pay their bills. Also, filing bankruptcy may halt the following: Creditor Harassment, Foreclosure, Repossession, and IRS Seizures. 

In extreme cases, emergency petitions that will generate a case number the same day as the debtor’s visit may be filed if repossession or foreclosure is imminent.  Bankruptcy is an equitable remedy, meaning that it is based on fairness and equal distribution to all creditors. 

However, bankruptcy has many serious consequences, including, but not limited to, the ability to obtain credit in the future, loss of certain non-exempt property, and the high expenses of court costs and attorney’s fees to file. These factors should be carefully weighed against the benefits of bankruptcy before filing. 

You should not attempt to file a bankruptcy without an attorney.  In terms of paperwork, bankruptcy is complicated.  There are numerous forms and schedules.  The forms and schedules are a minefield of potential problems, any one of which could explode into a  legal objection from the court, the trustee or the creditors.  By attempting to file on your own you run the risk of denying yourself financial relief through a bankruptcy discharge. Worst yet, you may be left facing some kind of civil prosecution for abuse, or at the far end of the bad consequences, criminal prosecution for fraud. Bankruptcy is a specialized area in the law and it is particularly important to seek out an experienced practitioner.