How To File For Bankruptcy: The Basics


The "B" word is avoided like the plague, and is reacted to almost like foul language when uttered from one's mouth: bankruptcy. Unfortunately, filing for bankruptcy is unavoidable in some circumstances. No matter how hard an individual may try to stay above water financially, debt can sometimes become a runaway train. A better analogy might be that debt can start as a snowball and become an avalanche as it continues to roll downhill. If you are falling behind on your bill payments, if your credit card debt has become unmanageable, if you do not have adequate health insurance to pay large medical bills, if creditors are beginning to call you at home or work, if you're "robbing Peter to pay Paul," and debt is generally starting to become an unbearable burden in your life, then maybe it's time to consider contacting an attorney to make an initial inquiry and get your bankruptcy questions answered. This is not something to be embarrassed about, as millions of Americans share your pain, especially in light of the current economic situation. Many have used bankruptcy as a last resort, and discovered the relief of stress that comes with being hounded by creditors. When it comes down to it, despite the perceived negatives associated with filing bankruptcy, the stress relief is the most important thing to many. Then you can go about the business of rebuilding, and taking advantage of a fresh start.

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Here are some basic steps to follow if you decide to file for bankruptcy: 1. Yes, technically you may file for bankruptcy on your own, but the new law passed in 2005 make it virtually impossible to do without hiring a good bankruptcy attorney. Once you retain an attorney, all debt collection calls and inquiries can be directed to him or her, thus alleviating some of your burden right away. Not only can bankruptcy lawyers protect you from harassment, but they will make you aware of your rights, and inform you of the laws and requirements surrounding the type of bankruptcy for which you may file. 2. Since 2005, when the bankruptcy laws changed, the process is much more involved. For instance, in either kind of personal bankruptcy case you are required to undergo pre-bankruptcy consumer credit counseling. This must be done within the 180 days before your filing. Your lawyer will usually have a list of counselors they use for these purposes and it can be done on-line if you choose. 3. Chapter 7? Chapter 11? Chapter 13? Which one is right for you and your situation? Your bankruptcy attorney will assess your case and will advise you on the best route for you to take with regard to the type of bankruptcy to choose.

If your annual income is over a certain amount, you may not be eligible to file a Chapter 7. During your first meeting with an attorney, you will also discuss fees and methods of payment. The attorney will give you a list of documents and information they need from you in order to proceed. For example, tax returns, bank statements, pay stubs, copies of your deed, mortgage, car tile, a list of your debts and assets, etc. At some point during the process, after your petition is filed by your attorney, a meeting of creditors will be set up. This is to make sure that the information you have given is honest and legit, that you understand everything that is involved in the bankruptcy process, and that you understand the consequences of agreeing to file for bankruptcy. This meeting of creditors is conducted and presided over by a bankruptcy trustee. The trustee will review your case and determine an outcome. Any final instructions or additional requirements of you will be conveyed to you at this time. There are many variables that can come into play within the bankruptcy process. It is very important to have a good bankruptcy attorney representing your interests.


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