If you have spent all of your money, are drowning in debt, and see no way out of your situation, you need to consider looking into bankruptcy filings. Filing for bankruptcy is a legal process that has long-term financial consequences, so you should talk to a lawyer and a financial advisor before making this decision. However, if you feel that bankruptcy filings are the only way out of your financial situation, here is what you can expect.
First, there are two types of bankruptcy filings, Chapter 7 and Chapter 13. Chapter 7 Bankruptcy is the more common type of bankruptcy, and it allows you to discharge your debts quickly so that you can start over. However, it does require that you deplete many of your assets in an attempt to pay back your debts before the debts are discharged. Chapter 13 Bankruptcy allows you to work to repay your debts with lower interest rates or monthly payments, allowing you to keep your assets. Your lawyer and financial advisor will help you decide which type is best for your situation. Once you have chosen the type of bankruptcy you are going to declare, your lawyer will help you fill in the necessary documents. These will then be submitted to the bankruptcy court. At this point you will be assigned to a trustee.
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The trustee's job is to make sure that you have provided all of the necessary bankruptcy information to the court. At this point, your creditors will be notified of your bankruptcy filings. They can then come to bankruptcy court to discuss your case, if they wish. The trustee will determine whether or not you truly qualify for bankruptcy. If you do, your debts will be discharged or payment arrangements will be made with your creditors. However, your creditors do have the opportunity to plead their case at your court appearance. They rarely choose to do so because of the cost and time commitment involved. That is all there is to bankruptcy filings, court, and discharging your debts.
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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