If you wish to file for bankruptcy, make sure that you know its advantages as well as its disadvantages. It is best to seek legal help although you do not necessarily need a lawyer. There are two ways to file for bankruptcy--a Chapter 7 and a Chapter 13 bankruptcy. A Chapter 7 bankruptcy calls for a liquidation of all your non-exempt assets like real estate, automobiles, and boats. The money converted from these assets will then be distributed to the creditors by the bankruptcy trustee. A Chapter 13 bankruptcy allows the debtor to pay creditors in installment in three to five years and will not have the liquidation of all non-exempt assets. Here are the steps to follow when filing for bankruptcy:
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Petition
First, you have to fill out a bankruptcy form where you will provide your personal information and information on your finances, recent financial transactions, secured and unsecured debts, expenses, creditors, assets, and tax returns. This will serve as a petition. Upon filing, you will have to submit one original copy plus three other copies to your local United States bankruptcy court. You will keep one copy for yourself for reference. At this stage, you can ask the help of a bankruptcy lawyer to help you decide on what kind of bankruptcy you want to file. If you choose to file a Chapter 13 bankruptcy, you will be required to pass a repayment plan of three to five years. The fee for filing a chapter 7 bankruptcy is $200 while the chapter 13 bankruptcy fee is $185.
Meeting
Immediately upon filing, there will be a provision to prevent creditors from contacting you or laying claim on your property for a month. After a month, the bankruptcy trustee will call for a meeting where you and your creditors will have to attend. This meeting is called the 341 meeting. This meeting usually lasts just five minutes. If both parties are not able to compromise and an objection is made, a judge will intervene. If a compromise is reached however, a notice from the court will be sent to you after four to six months discharging you from debts.
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