You have reached a point in your life where the bills and the harassing phone calls and letters from creditors has just become too much. It is to the point where there just is not enough money to go around, and you are already far behind on many of your monthly bills. If you have exhausted all of the financial assistance programs that are available, you might want to think about filing for personal bankruptcy protection. Filing for either Chapter 7 or Chapter 13 can provide you with the extra cushion that you will need to buy yourself some time to get back on your feet.
The first activity that you are going to have to involve yourself with before you can begin the bankruptcy proceedings is to attend pre-bankruptcy counseling. These counseling sessions are basically designed to not only inform the debtor of what will be occurring during the bankruptcy process, but also give tips and information about how the person in debt right now does not fall back into the same pattern of financial hardship in the future. These counseling sessions are very good at preparing you for both what to expect during the bankruptcy proceedings as well as life after filing for bankruptcy.
Deciding whether you would like to be represented by an attorney or if you can handle the process yourself is going to be an integral decision that could ultimately affect how the entire process will be handled. Legal jargon and the mounds of paperwork associated with bankruptcy hearings can be very overwhelming, especially to someone who is not familiar with how everything will be taking place. A good bankruptcy attorney will be able to sufficiently guide you through the ins and outs of the filing process and provide you with expert insight regarding how your case will ultimately turn out. While it is not a legal requirement to hire an attorney to go through with filing for bankruptcy, it can prove to be a great way to find yourself in a much better financial situation than if you were to simply represent yourself.
You will also need to choose if you are looking to file for Chapter 7 or Chapter 13 individual protection. Whereas Chapter 7 is for people that are living on very meager terms, Chapter 13 can provide a simple restructuring of a person's payments so that creditors can get their money back, albeit over a much longer timespan. Chapter 7 will completely liquidate a person's assets to repay creditors, which means that the person could lose their house, car, or anything else of value that can be sold for the funds necessary to repay creditors.
After you fill out the necessary paperwork at your local courthouse, you will then have your case heard. Usually, all of the creditors involved with your specific case will be required to be at the hearing along with the trustee who has been appointed to oversee your particular situation along with yourself and your attorney. Usually, it only takes one meeting for terms to be reached. However, it can take multiple discussions between the parties involved before all of the parties come to terms.
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By an Act of Congress and the President of the United States, we are a federal Debt Relief Agency. Attorneys and/or law firms promoted through this Web site are also federally designated Debt Relief Agencies. They help people file for relief under the U.S. Bankruptcy Code. Disclosures Required Under the U.S. Bankruptcy Code.
If you live in Alabama, Florida, Missouri, New York or Wyoming, please click here for additional information.
By an Act of Congress and the President of the United States, we are a federal Debt Relief Agency. Attorneys and/or law firms promoted through this Web site are also federally designated Debt Relief Agencies. They help people file for relief under the U.S. Bankruptcy Code. Disclosures Required Under the U.S. Bankruptcy Code.