Filing for bankruptcy is a lot more complicated and time consuming that may initially meet the eye. My first suggestion would be to have a lawyer help you with the process. Successfully completing a bankruptcy proceeding can be a difficult process. However, there is a good deal of work you must do before you can file for bankruptcy.
First, you are required to complete a "means test." This is a complicated calculation that determines your ability to pay your creditors. It also compares your financial status to the average person in your area. If you pass this means test, you are allowed to file a Chapter 7 claim in Bankruptcy court - otherwise, you can only file a Chapter 13 bankruptcy claim.
The next step involves undergoing credit counseling. Bankruptcy law requires that you complete this counseling before going through the bankruptcy process.
Finally, you can file for bankruptcy. In addition to filing, you must submit a bundle of paperwork with the Bankruptcy court. This paperwork includes information about your income, debts, assets, and personal information.
To file for bankruptcy you will have to firstly, admit that you are having financial issues. Secondly, you contact a licensed trustee to evaluate your situation. You will have two appointments with the trustee: the first to fill out an application form to file for bankruptcy, the other to sign papers that you agree to the terms of filing for bankruptcy.
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The first step in filing for bankruptcy will involve a "means test" conducted by the court to determine your ability to pay your creditors and also looks at your financial status as compared to the average person in your area. The next step before being allowed to file is credit counseling. Upon filing for bankruptcy (provided that the 2 steps just mentioned are met) you must submit paperwork showing your income, debt, etc.
Good question. There is a common misconception that bankruptcy is simple to file for and everyone who does so gets approved. In reality, neither of those are true. Successfully completing a bankruptcy proceeding can be a difficult process. However, there is a good deal of work you must do before you can file for bankruptcy. First, you are required to complete a "means test." This is a complicated calculation that determines your ability to pay your creditors. It also compares your financial status to the average person in your area. If you pass this means test, you are allowed to file a Chapter 7 claim in Bankruptcy court - otherwise, you can only file a Chapter 13 bankruptcy claim. The next step involves undergoing credit counseling. Bankruptcy law requires that you complete this counseling before going through the bankruptcy process. Finally, you can file for bankruptcy. In addition to filing, you must submit a bundle of paperwork with the Bankruptcy court. This paperwork includes information about your income, debts, assets, and personal information.
There are many baktruptcy sites but many things will depend on your personal situation so you are better off meeting with a bankruptcy professional in your area to discuss how it would impact you. The US courts website has unbiased information on filing online and should be considered over private sites
Bankruptcy is not easy. You must first make some big decisions-such as which Chapter to file under and what to include-and then there is a ton of paperwork and many, many different steps. Life after bankruptcy is also not easy. There are a great many things you will need to do in order to recover from bankruptcy.
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You CAN FILE FOR CHAPTER 7 BANKRUPTCY WITHOUT AN ATTORNEY, but you must understand the BANKRUPTCY RULES.Chapter 7 bankruptcy involves much more than just the filling out of the paperwork. There are many simple yet specific steps that need to be followed for a successful bankruptcy discharge (wiping out) of debts. If you are considering bankruptcy without a lawyer, consult an online BANKRUPTCY TUTORIAL. There is a free tutorial on the following link:http://www.ezbankruptcyforms.com/how-to-file-chapter-7-bankruptcy-without-a-lawyer.htmlOnce you have a general understanding of all the steps to take in receiving a bankruptcy discharge, you must be able to accurately fill out your bankruptcy paperwork. There are free forms provided by the federal government, but they are very user UN-friendly, making completion very frustrating. If you do a search for "BANKRUPTCY SOFTWARE FOR CONSUMERS", you can find an online bankruptcy program that will help you greatly in both accuracy and saving time. A good software program can be found for under $45.In choosing a bankruptcy software company, find one that provides some guidance on the steps that need to be followed throughout the bankruptcy in order to be prepared for your online counseling, filing of paperwork, preparation for documents that the Bankruptcy Trustee will be requiring, and your Meeting of Creditors. Don't rely on "padded testimonials", look for a company that will provide a clear layout of the situation on their website. Also, make sure they have a means to communicate with you throughout the process, should you have any questions.If filing for Chapter 7 bankruptcy without an attorney seems overwhelming, you may want to consider actually hiring a lawyer.Filing with a lawyer can be expensive, yet worth it. The "Catch-22" is that if you are filing for bankruptcy, you probably cannot afford a lawyer. Hopefully, this tidbit will help.
One can find information about bankruptcy filings on government websites. It depends on where your country is and all the instructions of how to file bankruptcy will be listed in steps for you.
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In a Chapter 7 bankruptcy, the income of the person filing will be subject to a two-part test. First, your income will be calculated with exemptions such as rent and food to determine whether you can afford to pay 25 percent of your unsecured debt such as your credit card bills. Second, your income will be compared to your state's median (middle) income. You won't be allowed to file for Chapter 7 if your income is above your state's median income and you can afford to pay 25 percent of your unsecured debt. Even if your income is below the state's median income and you can pay 25 percent of your unsecured debt, the court may still deny your Chapter 7 filing. There will be very few exceptions to this test, no matter how sympathetic your case is. If you pass the tests then the actual process of filing for bankruptcy will involve filing a two-page bankruptcy petition in which you identify your assets/property/debts etc. You will also meet with a trustee of the bankruptcy court who will go through your papers and conduct a creditors meeting. The process will take about 4-6 months.
It is recommended that one employs an experienced bankruptcy attorney to guide you through the process. However, it is not legally necessary.In order to file bankruptcy you need to file a bankruptcy petition and, if filing as a chapter 13 case, then propose a repayment plan.The U.S. Bankruptcy Court website has all the forms you need to fill out: http:/www.uscourts.gov/bankruptcycourts.htmlHere are the things you'll need:- Credit Counseling Certificate. You do these online from many companies. One company we use is bkcert.com- Last 3 years of tax returns.- Last 6 months of pay stubs (aka pay advices) if applicable.- Credit Report (free online)After you file you'll have to attend a meeting called the 341 Meeting in which you have an interview with the trustee in charge of your case. It can last anywhere from 15 mins to an hour depending on the complexity of your case. They are usually held 1 month from the time of filing.If you are a chapter 13 then you need to have your plan confirmed. This usually happens about 1 month after the 341 meeting.In a chapter 7 you should receive your discharge 5 months after filing.In a chapter 13 you receive you discharge after completion of the plan (3 to 5 years).