September 26th, 2009 
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So, you’ve decided that enough is enough, and you’re ready for the road to filing bankruptcy. If there’s nothing that you can do about your debts, this may be the only road you can take. Let’s just hope that you can learn from your mistakes in the past, and can turn it around in the future.
Before you file for bankruptcy, you’ll want to make sure that you need to file. Be sure to read our recent post on “”
STEP ONE: Make sure this is the right choice
Bankruptcy isn’t the only option when it comes to filing. There are so many other things that you can do to avoid this. If you’re only a few thousand dollars in debt, it doesn’t make sense to file. Instead, you’ll want to make sure that you know what you’re getting yourself into. Bankruptcy will stay on your credit report for at least 7 years, and can prevent you from getting a mortgage, as well as a loan.
STEP TWO: What kind of bankruptcy are you going to do?
There are a few types of bankruptcies. The most common types are Chapter 7, as well as Chapter 13. A Chapter 7 bankruptcy is a straight forward bankruptcy, where you won’t owe anyone anything. A Chapter 13 bankruptcy is when you can work out some sort of credit plan with your creditors.
STEP THREE: Get a lawyer
I can’t stress this enough, and you will hear horror stories about this. If you don’t get a lawyer that specializes in bankruptcies, you’re going to find that you’re going to be going down a dangerous path. Make sure that you get a lawyer that can assist you with your process. It will make it a lot easier for you, trust me.
STEP FOUR: Price compare your lawyer
Now that you decided to get a lawyer, you’ll want to price compare at least 3-5 lawyers. Get their fee, and price schedule to know what you’re going to pay. If it helps, make sure you get a reference as well. You won’t want to deal with someone that doesn’t know what they are doing, or talking about.
STEP FIVE: Prepare for your lawyer
The next thing that you want to do is gather up all of your debts. You’ll want to gather your most recent statements, so that your lawyer can contact them, and let them know what’s going on. This is one of the main reasons you want a lawyer to do this job is because you will no longer receive the pesky phone calls, and other things that relate to your debts.
STEP SIX: Wait out the process
As you wait for time to go by, your lawyer is going to do all the dirty work with the creditors, and such. If any creditor wants to come back, and sue you during this time, they can. This is why it’s important to have all of your ducks in a row with your creditors. Once everything gets situated, your lawyer will most likely file, and it may take months for your process to claim, depending on the courts.
Obviously bankruptcy is a little more complex than this, but this should give you a good idea on where you will stand. I can’t stress to you enough to get a lawyer for business like this. As long as you think you should file, I would do so, and consult with a professional.
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Tags: Bankruptcy