How to file for bankruptcy? Firstly you should know that you have 2 options available to you when you are thinking about declaring personal bankruptcy, Chapter 13 and Chapter 7.
Chapter 13 is the easiest bankruptcy to recover from, and allows you to keep your property. Many people opt for this to save their homes from being foreclosed. Chapter 13 will put an automatic stay on your creditors. This means that creditors will not be permitted to harass you or take any action to collect debts. This is providing that you do your part and present a valid financial plan, within 15 days of filing, to pay back your creditors. It is especially important to make sure that your monthly house payments will be taken care of, so that you will not face foreclosure.
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To file for Chapter 13 bankruptcy you will need to proceed carefully. In order to avoid mistakes it is wise to seek the advice of a bankruptcy attorney. Before filing there are some things that you should do.
Firstly the law requires that you should receive a Credit Counseling Briefing before you file either Chapter 13 or Chapter 7 bankruptcy. This is available for purchase online. It will consist of a telephone recording and a transcript. You can get legal councilors to walk you through this and you will receive a certificate. This is a very important as it will give you a lot of insight into bankruptcy and what it entails. The certificate gets filed with your petition for bankruptcy.
With Chapter 13 you will also be required to purchase a Debtor Education course before debts are discharged. This can also be purchased online or arranged through your bankruptcy attorney.
Criteria for filing Chapter 13 include:
- A steady source of income
- A plan to repay debtors
- Your debts do not accede a specified amount
You also have a choice of filing Chapter 7. This will liquidate all your debts but does not always protect your car from being repossessed or your home from being foreclosed. This type of bankruptcy is good for those who are drowning in debt and do not have any property to protect.
You will need a Credit Counseling Briefing certificate to file with your petition. Again it is best to have an attorney help you with filing Chapter 7. You will need to list all your debts and anyone that you owe money to. You will also need to list your assets. The attorney will then file them correctly for you. Certain things may be allowed as exempt, permitting you to save your car and possibly your house. This is briefly how to file for bankruptcy.
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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