HOW TO FILE BANKRUPTCY
If you are thinking about
educate yourself about how the process of filing bankruptcy works.
Below are the seven steps associated with filing for bankruptcy.
As a result of the
Bankruptcy Abuse Prevention and Consumer Protection Act of 2005,
any individual filing bankruptcy is required to obtain credit
counseling from a licensed credit counseling company within 180 days
of filing for bankruptcy. But, why not utilize
credit counseling prior to filing bk? A good credit counselor
will detail options for getting rid of your debt...likely helping
you outline a plan to
bankruptcy. Also, in the eyes of the bankruptcy courts,
you will have displayed legitimate effort to resolve your debt
issues on your own.
It is possible to file bankruptcy on your own behalf. However, it
would be much smarter to utilize the services of an attorney that
specializes in handling consumer bankruptcy filings. An attorney
will advise you about the different types of bankruptcies and how
you will be affected by each. Ultimately, they will help guide you
to make the correct financial decision for your situation. In
addition, when filing bk, there is an income limit and your debt
needs to consist of particular elements. A bankruptcy attorney will
clarify the current statutes and assist you in navigating through
the course. You can find a bankruptcy attorney by visiting
Selecting Chapter 7 or Chapter 13
If you are using a bankruptcy attorney, they will analyze
your situation and help you determine whether filing Chapter 7 or 13
is best for you. If you are not utilizing an attorney, learn more
different types of bankruptcies. In short, Chapter 7 is a
complete liquidation of your assets and Chapter 13 is a debt
repayment plan with you being able to retain the majority of your
Listing Assets and Debts
Put together a list of all your debts including the
creditor, reason, amount, etc.. You will also need to list all of
your assets including their condition and age. You will not able to
include any debt not present on your list in your bankruptcy claim.
Therefore, you will still be liable for paying those excluded debts.
In addition, any asset that you do not include may be looked at as
though you are trying to elude the system. Therefore it is important
that you are very careful and precise when compiling your lists of
debt and assets.
During the 341 Meeting, all of your creditors will be represented
and your list of debt and assets will be presented. Your creditors
will ask you questions under oath to help get an understanding the
exact disposition of your financial situation.
At the conclusion of your 341 Meeting, the bankruptcy courts will
determine how your assets are going to be sold and how those
proceeds are going to be dispersed among your creditors.
If none of your creditors dispute/challenge the bankruptcy
court's ruling within 60 days, your debts will be discharged.
Bankruptcy Good or Bad?
Bankruptcy Questions and Answers
Importance of Getting Credit After Bankruptcy
Credit Cards After Bankruptcy
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