Has anyone done this? I think that I may have to (yeah, after all the hard work I have done on my credit)
Why? you were doing so well and you just got the Citi deal what is up? if you can avoid it , do so. not to mention you may be judgement proof. That means you have little to no assets to be seized, if you do not much worth going after they will not. Definitely read up on it and talk to a FEW lawyers. GOOD LUCK
I would never consider filing on my own. A lawyer is a valuable asset when going through this. You may have creditors that will want to get you to re-affirm some accounts. Let's say you have a car loan that you want to re-affirm. You re-affirm it, those re-affirmation papers have to be filed with the court. You have so much time (I think it is 60 days from the date you sign the paperwork) that you can rescind the re-aff. If you decide to rescind, once again you have to file the recission through the court. Depending on how many creditors you are considering filing against this can be a big headache. I had several creditors that sold my accounts to other servicers (not collectors) while I was in the middle of my BK. Not that it happens too often...I just happened to have happened to me. What if an issue comes up during your BK? Who will you ask about it. Credit clean up is one issue, a do it yourself BK is another. If you think you have to keep up with paperwork now, just imagine the amount with BK. I have every single document my attorney did on my behalf during the BK and when I look at it, I am so glad I did not go the do it yourself route. However, if there is anyway you can avoid a BK, do so.
I agree with Coco 100%. Try to avoid it if at all possible. The idea is that you stop paying creditors and use funds to pay an attorney to file. For most people, considering the amount of debt discharged or monthly payments now, the fees aren't that bad at all. If you're totally in bad shape, try your legal aid office or state bar for referrals to atty's that might do it pro bono. Also, if you just have to do it alone, get the kit from Nolo.com, it's supposed to be really good. Personally, I had a simple chapter 7 no asset case and I still had about 4 extra appts with my attorney to address issues that "came up" or just to ease my mind on certain things. I would always suggest if someone HAS to file to seek legal counsel. Good luck. I hope things work out for you.
