Debt and Bankruptcy
Bankruptcy Law

What are the steps invoved in filing personal bankruptcy?

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2010-05-10 14:19:18
2010-05-10 14:19:18

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.

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There are several steps involved in claiming bankruptcy. Some of these include: finding and contacting a licensed trustee, applying for bankruptcy, and paying the subsequent court fees associated with filing a bankruptcy.


There are a number of steps to be taken when one is filing for bankruptcy. First one should decide if this is the right thing to do. It is wise to consult with a lawyer and decide whether to file for chapter 7 or chapter 13 bankruptcy. One should then undergo credit counseling and then complete the filing process.


The first step in a bankruptcy filing is gathering your financial information. Next step, you will need to fill out the bankruptcy forms, known as schedules.The fees are $200 to file Chapter 7 bankruptcy and $185 for Chapter 13. Filing for bankruptcy involves a lot of paperwork and court appearances. The first step that needs to be decided is what kind of bankruptcy you are going to declare. Next, you will fill out papers with a lawyer that outlines the steps necessary to complete the bankruptcy. Finally, you will appear before a judge. In brief, that is the process, but it can take a lot of time for a bankruptcy to completely file, and will stay on your record for 7 years.


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.


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.


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.


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.


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One of the first steps you must take when filing for bankruptcy is to complete a "means" test. You must submit the results of this means test to the Bankruptcy Court. The means test checks your income in order to determine your eligibility to file for bankruptcy. If your income is below the average for your state, then you can file for Chapter 7 bankruptcy without any problems. However, if your income is above the state average, the calculations for the means test become more complex. The means test looks at your disposable income (the amount left over after paying your expenses). If your disposable income is too high, the Bankruptcy court may decide that you can pay off at least some of your debts, and prevent you from filing for Chapter 7 bankruptcy. You are still able to file Chapter 13 bankruptcy, however.


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.


Filing for bankruptcy is a complex process that involves many legalities as well as a myriad of emotions. Due to changes brought about by the 2005 bankruptcy abuse law, it is also more difficult to qualify for a Chapter 7 bankruptcy which clears almost all debts. If you are considering filing for bankruptcy, it is very important to have a good lawyer on your side who knows the laws and who is a compatible fit with your personality. This person will be involved in very personal matters in your life, so it is essential that you feel comfortable with him or her.Steps to Finding the Best Bankruptcy LawyerThere are many different types of bankruptcy, including a debt restructuring or Chapter 13 bankruptcy and business bankruptcy. The first thing you need to do is look for an attorney that specializes in the type of bankruptcy you need to file. Once you have located several candidates, you can narrow the list down further by weeding out the ones who make you pay for the initial consultation appointment. This appointment is very important, and should be provided to you as a complimentary service while you get questions answered and decide if the lawyer is right for you.Fees to file bankruptcy can vary considerably, but you should expect to pay between $1,000 and $3,000. Since you are in a dire financial situation, it is important to find an attorney who will allow you to make monthly payments and not expect his or her fees all at once. Be sure to ask for a breakdown of what services your fees cover. They should only be related to things like court fees, filing fees and the like.After you have found a bankruptcy attorney that you can afford and who can help you file the proper type of bankruptcy, don't neglect to consider how well the two of you seem to work together. You should never feel judged or looked down upon for filing bankruptcy, especially from a lawyer who you have hired to represent you. If you do feel an air of superiority, it is best to take your business elsewhere, even if all other factors seem to be a good match.


You have to get a lawyer, file for bankruptcy, meet with creditors and wait 60 days for them to decide whether or not to file a lawsuit.


You start filing for bankruptcy by working with the court to determine if that is the best decision for you. Firstly, the court will do a "means test" in which they will calculate your income versus your debt and also compare your financial situation to other people in your area. Additionally, you have to undergo credit counseling before you are eligibile to file. When these steps are completed you can file.ANSWER:You would want to file bankruptcy if you are overwhelmed bydebt and harassed by creditors. If you are unable to payyour bills you may be eligible for relief under Chapter 7,Chapter 13, or Chapter 11 bankruptcy. A Minneapolisbankruptcy attorney will answer your questions. As soon asyou file for bankruptcy:* Harassing phone calls stop!* Mortgage foreclosure stops!* Repossession of your car or furniture stops!* An attempt to garnish your wages stops!* You keep your personal property.* You keep the tools you need to make a living.


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.


The steps one would have to take to obtain a legal separation are to first meet the states residency requirements, filing a petition, filing a separation agreement, then wait for the judge to approve it.


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.


Unfortunately, many people rack up debt they no longer have the ability to pay off. If this is the case, the only solution available to those people may be filing for bankruptcy. This can be a scary proposition. Many people may assume filing for bankruptcy requires a lot of work and maneuvering through complicated legal paperwork. It does. However, what many people do not know is that a person can also file for bankruptcy online. Just use the steps outlined below. The first step of this process is finding the proper documentation. Like in a regular bankruptcy, you need many forms. However, many of these can be obtained online. If you have trouble, you can use certain software programs to help you track down all of the online forms you need. Once you find these forms, you will have to fill them out. If not, a lawyer or paralegal must do it for you. Next, you will need to make a list of every single creditor you owe money. This list should be thorough. You will also need a number of different copies of this list. This includes both copies for making the initial petition to the bankruptcy court as well as for actually filing for bankruptcy. How many copies you need should be specified by the court. Finally, you will need to actually file for bankruptcy online. Filing online is now allowed by most bankruptcy courts in the United States. However, a person is usually required to only do so through something referred to as PACER. PACER is a government service that allows access and submission of digital legal documents. You can use the service center of PACER to file your bankruptcy documents. Despite filing online, you must still do certain things in person. This includes physically signing all the appropriate documents with your own hand. It also involves appearing in court in person. You must prepare yourself to appear in court. One court meeting you will have to attend is a 341-creditor meeting. In this meeting, all of the involved parties will meet together so the court can give a clear outline of how the bankruptcy process will proceed. If you are filing your bankruptcy on your own behalf, the only person that has to appear at this meeting is yourself. However, if a lawyer is helping you file for bankruptcy, that attorney must also attend this meeting.


HOW TO FILE BANKRUPTCY WITHOUT A LAWYER"BANKRUPTCY SOFTWARE FOR CONSUMERS" sources are available on the internet for under $50 to assist you in filling out the paperwork, but there is much more involved. FILING BANKRUPTCY WITHOUT A LAWYER is a very straightforward process, even for the individual, if done right. There are steps that need to be followed, AND FOLLOWED IN ORDER for a successful bankruptcy discharge (wiping out) of debts.A useful HOW TO FILE BANKRUPTCY WITHOUT A LAWYER tutorial can be found at the following link, outlining all the steps involved in the bankruptcy process:http://www.ezbankruptcyforms.com/how-to-file-chapter-7-bankruptcy-without-a-lawyer.htmlMany of the steps involved for a SUCCESSFUL BANKRUPTCY DISCHARGE intentionally sound intimidating, but they are actually very low hurdles to get by. You must complete many of these steps on your own, whether you hire a lawyer or not. If done right, one should be able to receive a bankruptcy discharge without a lawyer within about 100 days.A lawyer will save you very little time in the process, but DOES provide guidance on the steps involved in the link above. If you cannot handle preparing for this, you may want to consider actually hiring a lawyer.Yes there is and if you follow the link below, it will take you to a free site that will send your free forms, and give you all the help you need no matter what state you are in, and it is free, now there are some paid stuff on the page as well but you can bypass those.http://tinyurl.com/bankruptcyhelpfreeit will be unbearable with out a lawyer. since you are filling anyway just stop paying your bills and use that money to pay for the lawyer. as soon as you file the forcloser will stop.Source(s):You can go some financial expert. Try to visit this:http://freshstartsolutions.com.au/bankruptcy/#bankruptcyoption


How to file for bankruptcy onlineThe following paragraph sounds very intimidating to a bankruptcy consumer, but in reality, it is not. The stack of forms to file bankruptcy is about 1/4 inch thick, there are Mandatory Credit Counseling and Debtor Education courses to take, and a Meeting of Creditors that you must attend.To fill out the bankruptcy forms, you can consult a "Bankruptcy Software for Consumers" program. You can find a quality one for under $45 online. Most bankruptcy software companies also post a "Bankruptcy without an Attorney" tutorial on their website, to guide you through the non-paperwork steps of a typical bankruptcy.You can find a detailed tutorial at the following link:http://www.ezbankruptcyforms.com/how-to-file-chapter-7-bankruptcy-without-a-lawyer.htmlYou can get bankruptcy forms for your state online.Also,Consumer Credit Counseling service, in your state, will review your situation and give you a certificate. My understanding is that you must have the certificate to file. And, for anyone filing in Hawaii, the MAXIMUM amount of equity you have in your home, for a couple, is $40,200.00. So, if you owe $120K and your home would sell/list for $150K you have $30K in equity and you can keep your home. All forms are online with the US Bankruptcy court including the fee waiver (for the $299.00 filing fee) as well as the pay-in-installment form. Hope these additional add-ons help and good luck to you!


Business BankruptcyWhen a business declares bankruptcy, employees must take three simultaneous steps to try to recover the amounts they are owed.


The main upside to having to file for bankruptcy is that you essentially get a restart on your adult life-this is of course a financial restart but also, for many, an emotional restart. Financial upset and debt can be incredibly detrimental to the relationships of those close to the person in dire straits. Once you file for bankruptcy, you can begin to add to your savings, spend money on yourself rather than the never ending black hole of debt, and work to repair your credit. It is actually a time, despite how bleak it may seem, of possibility. Below is an article on life after bankruptcy that goes into more specific steps post filing.


Credit card debt consolidation with the help of an accountant or a debt consolidation service and careful management of income can be helpful steps in reducing your credit card debt without declaring bankruptcy.


The title should not be cloudy because of the bankruptcy. For steps to clearing titles, you would have to consult a KY lawyer experienced in such things.


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