Usually, the common reasons for filing for bankruptcy are unemployment, large medical expenses, overly extended credit cards, marital problems, and unexpected expenses. There are two kinds of bankruptcy that you can file--the Chapter 7 bankruptcy and the Chapter 13 bankruptcy. There are a lot of information on the Internet about filing for bankruptcy and some sites even have online help for those who want to file one.
Two types
There are two options available when filing for bankruptcy as mentioned--the Chapter 7 and the Chapter 13. A Chapter 7 bankruptcy is when all the debtor?s non-exempt assets are liquidated and distributed to the creditors by the bankruptcy trustee. On the other hand, the Chapter 13 bankruptcy allows the debtor to pay off his debts in three to five years. This is usually filed by those who have a steady income and by those who do not want their non-exempt assets to be liquidated.
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Filing online
If you wish to file for bankruptcy, there is a downloadable application form available online that is approximately nine pages long. You will have to fill in the application form containing your personal data, work history, dependents, income, expenses, assets, debts, creditors, and other related information. Be sure that you state all correct information and double-check for accuracy. Making false claims or representations is punishable by fine or imprisonment. This form will be then transferred to the actual petition which is around 20 pages long. It is best to get legal advice at this point. An original copy plus three duplicate copies of the petition should be filed to the bankruptcy court. A fourth copy should remain to the debtor to serve as future reference. The court will make a provision that will prevent the creditors from contacting the debtor and staking claim on your assets. This provision usually lasts a month. Afterwards, a meeting with the debtor and creditors will take place. Before filing for bankruptcy, make sure you know the pros and cons. The Internet will help you get all the information you need yet it is still best to get legal advice. Although you can file for bankruptcy even without a lawyer, you will be required to meet with a financial counselor or credit advisor.
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