As the Internet’s popularity continues to grow, the way people do business has been ever-changing. Included in this new craze is do-it-yourself website’s that teach and offer programs to do just about everything. As online technology and software continue to get better, more and more individuals are feeling comfortable doing stuff on the web. Included in these do-it-yourself services is online bankruptcy filing programs. Considering that this is a complex legal process, individuals in financial trouble should take a serious look at what’s involved in filing bankruptcy before signing up for one of these services. The online bankruptcy services advertise, You can save all that money and do-it-yourself. When you’re considering something as important as your families future and finances, trusting do-it-yourself software is like going online to learn how to do open-heart surgery on yourself.
When a family comes to the point where they’re buried under a mountain of debt and have no other way out but to file for bankruptcy, it’s understandable that they don’t have a lot of money laying around to go out and hire a bankruptcy attorney. Although, it’s understandable, it’s not advisable to take on a bankruptcy filing without the help of a bankruptcy attorney.
The last thing a broke individual needs is to have problems with their bankruptcy filing at this time in their lives. There are many landmines that might confront an individual on their own. When these problems arise, if an individual is using a do-it-yourself service, they don’t have the luxury or ability to call their bankruptcy attorney and find out what to do. Some of the problems that the average individual has are as simple as filling out a bankruptcy petition. When filing Chapter 7 bankruptcy an individual is required to complete a means test. The means test is what qualifies an individual to be able to file Chapter 7 bankruptcy and if they don’t pass the test they will be forced into Chapter 13 bankruptcy. Most people that are not experienced with bankruptcy law try to use basic accounting tactics to come up with the solution. This is not how the means test works, and takes the last six months income of the individual filing for bankruptcy, then it is divided by six and multiplied by 12 to give the annual income for the debtor. It doesn’t end there, it requires the debtor to compare their income with the median income chart for their state. And there is more, it also requires a comparison of income versus expenses.
Using this just for one example, it’s obvious that a bankruptcy attorney should be used when filing for bankruptcy. Taking into consideration, the cost of a bankruptcy attorney is minimal when compared to the amount of debt that will be wiped out in the Chapter 7 bankruptcy. Before deciding to try to go it alone, take the time to consult with a local bankruptcy attorney just for comparisons sake.