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The Rigors of Filing for Bankruptcy

You can choose to file for bankruptcy through an experienced lawyer or by yourself. Either ways, there are several things you will have to work your way through. The first step to filing for bankruptcy is putting together your financial information. This means that you need to get a copy of your credit report, put together on paper all your debts, whether they are secured or unsecured. All documents pertaining to your tax returns of two years and ongoing loan documents will also have to be put together.

With this done, you will have to fill up bankruptcy forms. These are known as schedules. Should you file under Chapter 13, then a repayment schedule will have to be put in place and you will have to submit that as well. Once done, you will have to take all of this to your nearest bankruptcy court and submit it there along with the applicable fees for the chapter you have filed under. With this done, your creditors will be instructed not to call you for recovery.

Around a month after this, a 341 meeting will be called by the court trustee with all your creditors. Here is where the terms of the bankruptcy will be negotiated. The meeting will be mediated by a judge should it not be possible to reach an agreement. Creditors are then given the opportunity to file complaints. The time frame is 6 to 8 months. Once this is done, you will receive your bankruptcy discharge.

While it is not impossible to file for bankruptcy on your own, it is always better to get a qualified lawyer to help you do it. Where you will largely need help is in put your financial records together. Doing this right is the basis for filing for bankruptcy under Chapter 7 or Chapter 13. If you are doing this on your own, the next step is to download the applicable documents, fill them and submit them along with the necessary fees.

Chapter 7 of bankruptcy involves selling off most of your assets in order to repay debts. This way all your unsecured debt is taken care of. Chapter 7 is only meant for those people whose income is below the state recommended. The decision on what assets to liquidate is made during the 341 meeting. Chapter 13 is when a repayment schedule is made and you have to stick to it with fail.


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