Filing for bankruptcy can be a long hard path to pursue. Thinking about it must mean that you do not have any other choice but to file bankruptcy. Either a chapter 7 or chapter 13 will provide a relief to all the pressure that your debt has caused you. Now the question is, how can you file bankruptcy?
You can file bankruptcy as many times as you like but you will not always get the results that you want. First you must consider all other options before deciding to go through bankruptcy. Bankruptcy should always be your last choice. Filing bankruptcy relies on your eligibility and meeting certain qualifications. The bankruptcy law requires you to go through a process called "means test" to prove that you have no means to repay the debt that you owe from your creditors. How to file bankruptcy depends also on your income. The two most popular types of bankruptcy are chapter 7 and chapter 13. How can you file bankruptcy in either chapter is regulated by law based on your income. If you earn an income that is classified as below average in the state that you live in, then more likely you are eligible to file a chapter 7 type of bankruptcy. Chapter 13 type of bankruptcy which is the idea of a repayment plan is applicable only to those that has a steady income with a sufficient disposable amount that can cover their debts in a reasonable amount of time.
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Bankruptcy in chapter 7 and chapter 13 has changed effectively last October 17, 2005. The new bankruptcy law under BAPCPA has made it harder to file chapter 7 and has encouraged people to file more on a chapter 13 type of bankruptcy. The new law also requires you to go through a credit counseling sessions, a service provided by credit counseling agencies which are commonly the ones who provides you a repayment plan.
There are more ways to file for bankruptcy. The easiest way is to find a petition preparer or bankruptcy lawyer and let him do all the work for you but that would cost you a lot of money. This is expensive considering that money is your problem in the first place. The other way is do it yourself. This is relatively a cheap way to file bankruptcy. You will need to learn and get accustomed with the bankruptcy law and do all the filing by yourself. The affordable way is to hire a petition preparer or a bankruptcy lawyer to prepare your papers and then pay their flat fee and do all the rest by yourself. This is the most popular way to file a bankruptcy, it lets you save money and have some little help in the way.
How can you file bankruptcy the right or wrong way does not exist; it is always different circumstances for each individual and the type of bankruptcy and the method that they will file bankruptcy might differ depending on those factors.
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