If your debts are so large that meeting your monthly expenses and your bills are stretching your income beyond its limits, bankruptcy may look like an attractive option to you. If you are considering bankruptcy as an option, you may have become aware of how little reliable information is available on the process. You may need to conduct extensive research from various sources of information on how to file for bankruptcy.
You certainly are not going to get any help from your creditors on this matter; their focus is on recovering their money. You need all the information, starting from filing the petition to the discharge. Once you have all the information, you need to assess it and decide whether you really need to file for bankruptcy. Bankruptcy is not a quick fix solution for your debts as there are consequences and is not something you should jump lightly into.
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Once you have ascertained that bankruptcy is your only option, you need to know how to file for bankruptcy. Before you actually start the paper work, you may need to talk to a bankruptcy lawyer. Filing a bankruptcy petition can seem to be a deceptively simple process - but it is advisable to leave it to an experienced bankruptcy lawyer.
An attorney can help you decide whether you qualify for chapter 7 or you need to go with chapter 13. You need to be able to share all information about your income and expenditure with the attorney as it will help him get a clear picture of your repayment capacity.
You need to speak with the bankruptcy lawyer about the legal fees and filing fees. It is best to set aside the money for the fees as you cannot enter bankruptcy proceeding owing money to your attorney. You can negotiate a payment plan with your attorney if required. You can get a clear picture about whether you can qualify the means test, identify your non-exempt assets and the assets that you want to protect for the future and plan your repayment schedule if you are filing under chapter 13. Once your discussions are complete, your attorney will explain to you how to file for bankruptcy and further action that needs to be taken.
A good bankruptcy attorney is possibly your best bet if you want to know how to file for bankruptcy, and can be your bulwark against creditors once the filing is complete.
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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