How To Go About Claiming Bankruptcy

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How does one get out of debt? There are a few ways. One of those ways is by claiming bankruptcy. In order to do this though, you have to know what you are doing and the proper procedure to this. Where can you learn to do this? Well, right here for starters.

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The first thing that you might want to consider before you begin is the idea of getting an attorney to help you with this. They know how confusing it can be and so forth. So, see if this is an option that you can do. They can assist with helping you make the decisions that come with it as well as help you with learning about the costs that will be involved with this option as well.

Now, you can do this without a lawyer. Your first step will be to decide which chapter you should file. Each of the three chapters that individuals can file for offers other things. For instance, Chapter seven can help you by putting everything in the courts hands. They tell you how much to pay after you have sold the items that you are asked to sell. Then, there is chapter eleven, where you acknowledge your debt and create a plan to pay them back. Then, there is Chapter thirteen where you get a percentage taken out of your checks to go towards the costs.

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Once you do this, you then pay for the fees that do come up. There might be quite a bit of fees, so if you are thinking about filing for bankruptcy we suggest that you have some money put to the side. This can help you greatly. This way you don’t have to worry about how you’re going to pay it later down the road.

You will have to have lists together. This will be used in the courts to know what you own. Here you will list all your assets. The other thing you will list are all of your liabilities. This will help determine what you keep and so forth. A lawyer can better explain this to you.

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When you get everything paid for, you can then focus on other things as well. This would mean that you need to then file the actual petition with the courts. The courts have to approve this. We are warning you now though that it might be a while before you hear back from them. It can take them six weeks until you hear their decision.

Once you have all this taken care of, you are ready to go through bankruptcy. It might be a lengthy process, however, this is needed in order for you to get out of debt. While many are unsure of this as this stays with you a long time and might hurt your credit, it’s one way to get a clean slate. See if this is for you.

Enrique Castillano also writes about Bankruptcy and Credit issues including Filing Bankruptcy Online and Do it Yourself Bankruptcy

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  • The Chapter 7 Means Test
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