When you have to do something that feels difficult, it might be helpful to know what to expect. This is just the general procedure on the road to bankruptcy, since every case is different.
1. Find a lawyer: You can go online and research prices and lawyers or go to a site who gives free advice; they might recommend someone for your particular situation.
2. Find the money for a lawyer. You can make an agreement on a monthly payment plan and ask to do as much paperwork as possible yourself on the case, to save money.
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3. The paperwork. Besides gathering all the information for the paperwork, you might need to take a class on financial issues before you are allowed to file for bankruptcy. You can take this class on-line or on the phone. This part of the process might be time consuming and you need to set time off for this.
4. Meeting and Hearing. You will get a letter in the mail telling you about time and place for a meeting. The main purpose is to make sure you are the person who is filing and to meet the creditors. Mostly the creditors don't come to this meeting, instead they will negotiate with your lawyer. This meeting doesn't take more then 5-15 minutes; however you might expect to wait for up to an hour for your turn.
5. Waiting for the result. When this meeting is over you, will have to wait till the case is over and it will depend on what type of bankruptcy you filed for, if it's a chapter 13 and you are under a payment plan, it will take a year. If it's a chapter 7 it will take 2 months.
When you are under bankruptcy your life is on hold, and the future might be unknown. For many people who has lived under extreme financial pressure with constant increasing interest rates and no money left from your paycheck to feed your children and yourself, this is a relief and it gives you a break. You are able to eat and rest again. If you have garnishments on your account and constant rude phone calls from creditors, you will have some peace again.
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