Many people today are in difficult financial circumstances due to loss of a job, unfortunate financial decisions, medical bills or back taxes they simply can't pay. It's ruining their credit and their family security, but since they don't know how to file bankruptcy, they can't see a way out of their money problems. Fortunately, the steps are easier than many people think, particularly if you hire an attorney who can help you navigate the procedures. There are several steps to how to file a bankruptcy that follow a set schedule:
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1. Decide If It's Right For You
Explore all other options before you opt to file for bankruptcy, making sure you've tried every other way to stabilize your finances. If you can't borrow from a family member or negotiate a payment plan and are in thousands of dollars of debt, it may be the best solution.
2. Talk To An Attorney
A bankruptcy attorney with court experience can help you determine which kind of filing is right for you and your family. The two most common are Chapter and Chapter 13. The first allows you to discharge your debts without losing your home, but you'll have to sell off most of your possessions. The other form is less severe but has limitations. A qualified attorney can help you choose the best option.
3. Gather Your Financial Records
Your lawyer will need to review all of your financial records, from outstanding credit card debt to your mortgage, medical and vehicle debts and discuss how to file bankruptcy with you. Be thorough and make sure you have documentation of all your assets, debts and personal property. Leaving anything out can cause problems down the road. Keep in mind that your bankruptcy attorney has probably seen people in far worse financial situations than you.
4. Don't Let Creditors Hound You
Once you've retained an attorney, you should refer all creditors or bill collectors to him or her. He will talk to them and an automatic stay will prevent them from trying to collect their debts until the case is resolved. You'll love the freedom from harassing collection calls!
5. Stop Using Credit
It's important to show the court that you are serious about resolving your financial problems, so you need to stop using all credit cards immediately. If you've already filed in court and continue to use your credit cards, a creditor can sue you and the court may not allow you to wipe clear your debts.
6. Attend The Creditors' Meeting
This is where the court will go over all outstanding debts and assets with you and any interested parties. Your bankruptcy attorney will attend this meeting with you. Simply answer the questions honestly and give them all the information they request so that they can evaluate the situation properly.
7. Wait To Hear From Your Attorney
Unless a creditor challenges the proceedings, your debts will be discharged sixty days after the creditors' meeting. At this point, you are free of the burden of debt and can begin rebuilding a healthy financial lifestyle.
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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