Filing bankruptcy can be a daunting task, and many risks are associated with bankruptcy. The laws are difficult to understand, especially if you are lacking a background in the field. Alternatives such as credit counseling services should be considered prior to filing for bankruptcy. This service is offered by numerous agencies.
Filing for Bankruptcy has a significant negative impact on your credit report for at least seven years after filing. In most cases, it remains on credit reports for ten years. If your credit is already poor, and alternatives are not appropriate, bankruptcy may be an option for you. Filing chapter 7 requires completion of several steps. Hiring a bankruptcy attorney is the first step. Filing can occur without assistance from an attorney, but this is not recommended.
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Save copies of statements showing all of your debts, including medical bills, personal loans, credit card debt, auto loans, and student loans. Also, obtain copies of necessary monthly expenses, such as housing, utilities, and insurance. An attorney will require these documents for the purpose of assisting you with filing for the appropriate bankruptcy option.
After obtaining an attorney, it is necessary to decide what type of bankruptcy is appropriate for your scenario. Two major types of bankruptcy exist: chapter seven and chapter thirteen. Chapter seven involves complete liquidation of all assets. Chapter thirteen involves reorganizing your budget for the purpose of repaying creditors. Understanding the requirements that must be met for each option is necessary for successfully filing for bankruptcy. Credit card debt is almost always a huge factor in filing and this needs to be addressed before any proceedings take place.
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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