How To File a Bankruptcy

Knowing how to file a bankruptcy is important knowledge to have. By knowing what to do there will be less stress during the process. Here are some steps to filing a bankruptcy.

Explore all other alternatives before starting the process of bankruptcy. Be sure to check all options from earning more money or debt consolidation. A bankruptcy stays with you for up to 10 years. It will make it hard to get any lines of credit in the future.

Look at the different types of bankruptcy to find the one that is right for you. Chapter 7 and Chapter 13 are the two types available to people. There are requirements for each one that must be met so be sure to look at each one carefully. Be sure to consult a bankruptcy attorney about how to file a bankruptcy.

Once you have found a bankruptcy attorney be sure to meet with them to go over how to file a bankruptcy. Your bankruptcy attorney will be able to guide you as to which chapter of bankruptcy is right for you. Also be sure to ask about attorney fees. There are fees for court and fees for using the bankruptcy attorney services. So be prepared to pay for the bankruptcy. If for some reason you are not able to pay the fees upfront some bankruptcy attorneys will work with you on payment plans. If you cannot afford the court fees there is a court fee waiver you can apply for.

Once a bankruptcy attorney has been selected it will be necessary to direct all the people you owe money to towards the bankruptcy attorneys office. Once the case is in process the creditors are not allowed to call you about money. There are penalties creditors face if they continue to call once the case is filed.

There will be a meeting between you, your bankruptcy attorney, and all the creditors to go over and answer all questions you have and what the bankruptcy means to you. You and your bankruptcy attorney should pan through all your bills to make sure everything is in order. You may be advised not to charge anything to the credit cards during the proceedings. There are ramifications should they be used during the proceedings.

Once your meeting has taken place the creditors will have 60 days to challenge the ruling. After the 60 days are up then he debt is considered gone and no collections can be assessed towards you.

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