Declaring bankruptcy is the last resort for many people who are in poor financial shape. It is not as easy to do as it used to be because too many people were filing that didn't really need to, but it can still be done. Here are some tips and instructions about how to declare bankruptcy.
There are literally thousands of web sites and books available about how to file for bankruptcy. While it is true that you can file in some locations by yourself, there is really only one smart way to do it. I am going to give you additional information later, but you really need to find a good attorney who specializes in bankruptcy. You do not want to compound the mistakes and events that have lead to this point by making a bigger mistake now. Make sure you do plenty of research before choosing a lawyer. Ask how many of these types of cases he or she has handled, ask for references and make sure you understand all of the fees involved before making a commitment. It is also important to understand that if certain things are not done correctly you can face fines or even jail time. Finding a good lawyer is worth the investment.
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There are two types of common bankruptcy, chapter 7 and chapter 13. There is also a chapter 11, but 7 and 13 are the two that most people file. The difference is that chapter 7 deals mostly with unsecured debt like credit cards while chapter 13 involves secured debt like your house. So if you have a mountain of credit card debts but aren't in danger of losing your house, chapter 7 is probably the way to go. If you are in danger of losing everything but want to do everything you can to save important things like your house, chapter 13 will be what you want to consider. Understand that in chapter 13 you won't be able to stop paying for your house. Your debt may be reorganized but it mainly is a tool to help you get caught up.
One last thing to remember about bankruptcy that is important is that your credit will be bad for seven to ten years. That is how long a bankruptcy will stay on your credit report. While you may not consider this to be too bad, understand that you probably won't be able to get a car loan, even for a cheap car, and you won't be able to get a credit card for quite a while. In other words, you will have to pay cash for just about everything.
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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