Recently, the news reported that Ireland was added to the list of countries that were in danger of defaulting and being bankrupt.
The financial problem is not only here in the US, it's worldwide.
So you don't need to feel like the Lone Ranger if your personal finances are in the tank.
If you have decided that it's time to file for bankruptcy, don't forget to consider all of your options.
One option to consider is to file pro se, this is what you call a do-it-yourself bankruptcy.
This option is complicated for many people as the bankruptcy laws continue to change, including the 2005 bankruptcy code changes.
If you decide that you're smart enough to go it alone, remember, the downside is you're not going to have the support of a bankruptcy attorney to answer your legal questions.
This option is the least expensive as you're doing all of the work.
Because of the US Constitution you aren't required to hire a bankruptcy attorney to file with the federal court.
It is your right to represent yourself if you choose.
However, it can be quite a challenge to navigate the complexity of the bankruptcy code.
While there is a substantial amount of money to save, most legal experts don't advise filing bankruptcy completely on your own.
Paying an attorney a couple hours to answer questions and review your petition might give you the best of both worlds.
Knowing that your bankruptcy petition is properly filled out will give you confidence walking into court to file.
This could give you a leg up on your 341 meeting, by knowing what to expect.
Filing for bankruptcy pros se can be confusing for most if you just download the forms from the US Bankruptcy Court website and sit down and try and fill them out.
Over the years, there have been quite a few software companies that have developed products for bankruptcy filing.
Most of the software was designed more for a law firm than an individual.
Standard Legal has produced a bankruptcy software that is downloadable and purchasable online.
Using bankruptcy software for your filing can save hours of time from having to look up "how to" information on court websites.
The software will have a series of folders that you fill in your information.
Information asked for is personal information, income and property.
When done completing the questionnaire for bankruptcy, the software will create all the forms for the state that you reside.
It will let you know of adjustments that need to be made to make sure that the court will accept it.
There are responsibilities that come along with filing for bankruptcy pro se.
You will be required to pay the court your filing fees.
It's a good idea to call the federal bankruptcy court for your district and ask what fees are required, as well as anything else you might need to bring.
Make sure that you have completed your credit counseling course prior to filing, so you can bring the certificate with you.
Before going to court to file, review your bankruptcy petition and make sure that it is complete and all of your numbers are correct.
In essence, you are taking on the responsibilities of a bankruptcy attorney.
Most courts understand that pro se filers don't have legal education and will usually cut them some slack.
If you think that all of this might seem too daunting, then you should hire a local bankruptcy attorney.
There are many do-it-yourself bankruptcy cases filed every year without error, but it requires someone that will take the diligence to file with attention to detail.
You need to take a close look at your current financial situation and see if a bankruptcy attorney is in the budget.
If it's not, you can save a few dollars by doing it yourself, as long as the process is completed correctly.