Several people often look at their financial condition and as to how much money they owe to other people. Many of them don't see any light at the tunnel's end. If you are among these kinds of people then you can surely think about claiming the bankruptcy as it can help you on several counts. We are discussing the way you can achieve it.
As a first thing you need to decide as to which chapter you should file. You can do this thing alone or with the assistance of your lawyer. Here you will have three options. There is a chapter seven which permits you to avoid dealing with all that nit and grit. In this you permit the courts to decide for you as to how much money you will pay. Then comes the Chapter eleven where you acknowledge that you have to do many things including paying back the amount apart from usual planning as to how you will accomplish that. The last one is called chapter thirteen. In this you have a set percentage of amount deducted from your monthly paycheck.
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As a next step you must look at all those things which you own. You should create the list of assets which you currently have apart from all your liabilities. When you get all the details on this you will surely know as to where you stand and what you owe to others and what you have which you can sell. This is what the courts will ask you.
Now you will have to file in the courts. This will include list of all your assets and liabilities. This will help you in finalizing as to what you can sell and what you would want to keep. In this way you will get money to pay for your loans. A competent lawyer will surely assist you in ascertaining as to what you can keep.
Lastly, just go ahead to file with the courts with the list which you have created. You will file your petition and then wait patiently. You will get your answer within six weeks. Though it may seem as a great amount of time, but sometimes you can get your answer much earlier too. Now that you are aware of the basics of the way to file for your bankruptcy, you can surely see as to what you need to do to move ahead in this.
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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