People who file for bankruptcy are faced with the fact that their debts are overwhelming. They cannot afford to repay so they choose to file for bankruptcy as a last resort to avoid creditors breathing down their necks. It may be difficult at first to know how to go about it. The first thing you need to do is to put your bankruptcy status on paper by filing for bankruptcy through a bankruptcy court.
You can decide to do this on your own or seek professional help. Since it is a legal process, you need to ensure that you are making informed choices. You should however be patient because the process can be tedious. Should you select a do-it-on-your-own option, you have to make the decision about the type of bankruptcy to file for.
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You have the option of a Chapter 7 bankruptcy or a Chapter 13 one. The Chapter 7 wipes out all the debts owed usually within four months. Here the debtor does not lose his assets and gets a fresh start quickly. The Chapter 13 option includes a repayment plan of about three to five years. This is a decision that needs to be thought through carefully. Talk to a few people who you think can help shed more light on the issue and read on the issue in your local library.
Approaching a bankruptcy lawyer can also guide you through the procedure of filing for bankruptcy. Provide all the required information so that you can file your voluntary petition. Once the documents are filed, you will be assigned a trustee who will then determine the information you have handed over. Notifying your creditors is the next step, so that they can stop all actions they may be taking against you. Both parties will subsequently meet to decide what's best for both sides.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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