Free Bankruptcy Software
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Free forms for filing bankruptcy are available from many online sources that specialize in assisting consumers who want to file their own legal petitions without the help of an attorney or professional service. Filing for bankruptcy can be one of the most difficult decisions anyone is forced to make during the course of their lifetime. This decision can be forced by a multitude of financial problems both as a result of mismanagement or circumstances beyond a persons control. Using free bankruptcy software can offer a cost effective and simple way to fill out all the forms and adhere to the new laws that have recently been enacted. Attempting a test run at submitting legal forms can also be helpful in making a final determination about whether or not to actually engage in this legal action.
There are two types of petitions that individuals may choose when considering filing for bankruptcy. Chapter 7 and 13 are commonly enacted for personal financial indebtedness while chapter 11 is reserved for business filings. Generally, chapter 11 proceedings can be highly complex since businesses must provide a comprehensive report of all company related financial concerns. For many companies, this can be nightmare without the help of an experienced attorney that is up-to-date on all legal requirements. Individuals may have a greater flexibility in choosing how they will file a petition and how much legal help, if any, they will need. While any financial legal matter is ideally considered with the assistance of professional help, it is certainly possible to successfully submit a petition oneself. Some individuals have found that free forms for filing bankruptcy are available from a variety of online sources that are offered and be easily downloaded.
This makes it easy to get a first hand glimpse into all the necessary information that is required for individual filings for either legal option. There are major differences in chapter 7 and 13 filings which are reflected in forms that are provided within any free bankruptcy software program. Chapter 7 provides for a submission that generally erases most debt from personal financial responsibilities and allows an individual to literally 'walk away' from his or her general indebtedness. While some people have viewed this as a 'fix all' solution to personal financial woes, there are repercussions that follow for years to come. For ten years a persons credit history is damaged by a chapter 7 filing, making it almost impossible to receive any type of loans, credit cards, or payment plans.
Most creditors are very leery of anyone who has this type of judgment against them and will not begin to loosen their requirements until after 10 years of an attempted repaired credit history. People that choose this option must be prepared to pay cash on most things and to live a frill-free lifestyle for years to come. Laws have recently tightened on those who choose to file for personal bankruptcy because of the abuse of this statute as is reflected in current forms within free bankruptcy software programs. Originally, the law was enacted for those who were legitimately overburdened with financial indebtedness due to dramatic circumstances. Over time, abuses have taken place by those who use this method as a fast way out of mismanaged financial expenditures. Statistics show that there are individuals who have not only claimed this option once in a lifetime, but may have resorted to it several times as a tactic to get out of debt without any repayment responsibilities to
creditors.
Irresponsible money management and recurrent submissions for bankruptcy have made lawmakers rethink some of the easy policies that allow for submitting of this legal petition. At this time, anyone who is considering submitting free forms for filing bankruptcy must first receive consumer credit counseling within a six months period before their petition is filed. Those whose petitions are approved must also agree to receive a money management education course at their own expense during the first few months after approval. Lawmakers are attempting to thwart the ease and lack of seriousness with which many irresponsible consumers resort to the 'benefits' of bankruptcies. Of course, there are many who for very legitimate reasons are forced to choose this option for the financial survival of their families. Tragedies such as loss of jobs, catastrophic illnesses, divorce and natural disasters are some reasonable reasons why some individuals must file. "Trust in the Lord, and do good; so shalt thou dwell in the land, and verily thou shalt be fed." (Psalm 37:4)
Those who file are already in financial disaster and may not feel they can afford the professional services of an attorney. In these cases, using tools such as free bankruptcy software can provide a system that offers all forms for both types of legal options as well as the adherence to recent laws within the application. Using free forms for filing bankruptcy will allow an individual to only pay the general court fees for the petition without any additional attorneys fees. With the passage of the new laws, chapter 7 now costs just under $200 to file and chapter 13 approximately $275. If a person is careful to follow a systematized software program, he or she can save money by submitting a personal filing. Always carefully weigh all options before making a final decision as to how to file for bankruptcy.
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