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Is it advisable to prepare my own bankruptcy???


avalon
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I'm looking to file chapter 7 soon because of a business failure (as a sole proprietor). Before mid-2005, I had no credit card debt, but as of now I am $65,000 in debt with no money to settle. A lot of the debt was cash advances to pay for living expenses. My income for 2006 was really low (less than 10k) and I have no property to protect. One lawyer advised ch. 13 because of the way the debt was incurred and the fact my 2006 income was low. I would like to file ch. 7 for a fresh start. Would it be advisable to do it by myself? $1500 for lawyer fees is really steep right now.

AMEX - $30,000 - 2 accounts

Chase Visa - $20,000

CashCall- $5,000

Wells Fargo LOC - $6,500

Dell - $1,000

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The bankruptcy laws have changed considerably and I would not advise you on trying to do it yourself. :ah:ah:ah: If you don't follow their exact guidelines, they will not allow it. :hmph: I'm sure if you contact the lawyer referral service or local bar association, they should be able to assist in you in finding an appropriate attorney. The fee you stated is just about common for a bankruptcy. My friend did hers and was able to make payments to her attorney. :)++

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Huh? why would the lawyer suggest a 13 when you have such a limited income? Bankruptcy after taking big cash advances doesn't look good, but if you don't have money, how could you manage a 13? It might be a good idea to wait awhile, another year or so before filing, so the cash advances don't look so bad for you. Bankruptcy judges don't like to see a lot of activity on credit cards 6 months or so before filing. I'd wait awhile. And don't do it pro se unless you are a genius and have O.C.D., not the kind that manifests as limited attention span but the kind that manifests as extraordinary focus and attention to detail.

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Thanks for the info everyone. I haven't used the cards since September with the exception of the Line of Credit with Wells Fargo last used in November. I was current with all my accounts till December of 2006 for the larger accounts and February of 2007 for my smaller ones. BK is definitely a once in a lifetime adventure.

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