Are you considering bankruptcy because your debt situation has just become too much to handle? It is important to understand the consequences that come with declaring bankruptcy. It will stay on your record for 10 years and it will be very hard for you to get a loan. If you feel you are in the situation where you must file, follow these steps.
First, get a lawyer if you can. It is not required, but an experienced lawyer can be a big help. You will then need to file a petition. You are going to either file for chapter 7 or chapter 13 bankruptcy. Chapter 7 is liquidation which means all of your nonexempt assets will first be liquidated and the money will be used to pay off at much money as possible. Then, the remaining debt will probably be discharged. Chapter 13 is reorganization which means the trustee will pay the debts and you are responsible for paying them back in more manageable chunks.
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If this is your first time declaring, you will get automatic stay which means creditors aren't allowed to call you. You may or may not get it for any files other than your first. You must then attend a meeting of creditors where your creditors are able to ask you questions to sort things out and make sure aren't lying.
Finally, your trustee will discharge your debts accordingly, if necessary, and the creditors have 60 days to challenge them. After that, things should be finished. If you filed chapter 13, make sure you make all your payments on time. Now, make sure you learn how to correctly manage you money in order to avoid this in the future.
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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