The process on how to file for bankruptcy can is a very long task. This should only be done if you are sure that there are absolutely no alternatives left to pay off your debt. You should remember that once you filed for this, it would remain on your credit for approximately ten years. If you think you can last that long, then here is a step-by-step process of how it is done.
The first step would be to seek out consumer credit counseling within 180 before filing for bankruptcy. This will give you the opportunity to really understand the consequences of accepting a deal that is truly life changing. The point of the counseling is to show the individual that there could be other solutions to get out of their predicament. Once you have finished with the counseling you will be educated on the different kinds of bankruptcy.
How to file for bankruptcy falls under two categories; the most popular being the chapter 7 (wherein bankruptcy is straight or liquidation) and chapter 13 wherein there is a repayment plan for the individual). The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCP) has issued individuals to take a means test to see under which category they will fall under. There has been a tendency in the past where people chose to directly file for chapter 7 cases.
It is highly recommended that when you file for bankruptcy, you should hire a lawyer to help you out. Even if you have done your research on the consequences and different scenarios that surround being bankrupt, it is better that you seek out professional help. The best lawyer to find would be the ones who you can easily have direct contact with. With that being said you can freely talk with your lawyer about your concerns and questions before filing anything.
The next steps on how to file for bankruptcy rely on you and your lawyer making a petition to file, and then meeting with creditors in order for them to approve the statement. Next the creditors and yourself will have meetings where you will plan out how to challenge the discharge of your debt. You still want to be able to rid yourself of the debt because that is the reason that you are filing for this.
Filing for bankruptcy is serious and should be taken that way. Too often individuals simply see bankruptcy as a way of not having to pay off their debts. It doesn't work like that. There are consequences, and serious one at that. Weigh them carefully and don't make this decision on your own. Take the advice of your attorney as someone who has seen this many times before and may be able to give you a better way.
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