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How do I apply for bankruptcy protection?
I lost my job a few months ago, and my wife lost her job recently as well. We have over $35,000 on credit card debt, we're a month behind on our mortgage and car payments, and we've got nothing left except our retirement accounts. We've decided that we need bankruptcy protection, but we're not sure how to start. How do we apply for bankruptcy protection?
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However, we’re worried about losing the house. Would we be able to keep the house after filing Chapter 13 bankruptcy or after filing Chapter 7 ban...This site does not provide legal advice and users of this site should not interpret any of the information presented here as legal advice. The information provided merely conveys general information related to commonly asked legal questions. We are not a law firm and the employees responding to questions are not acting as your legal attorney. You should ultimately consult with a Lawyer for your case.
Answers (1)
This is not an uncommon scenario in todays economy, and more and more people are finding that bankruptcy protection is the only legal way to get their financial situation fixed.
For starters, do everything you can to avoid touching your retirement accounts. These funds will be protected by bankruptcy law, so you can keep them no matter what and still get rid of your debt. Ignore the credit card bills, and talk to a bankruptcy lawyer. You have several options available to you to get rid of your debt, keep your home and car, and stop harassing phone calls from creditors.
It is important to talk to a bankruptcy attorney BEFORE you file any forms for bankruptcy, or make any more payment to your creditors. The most important part of any bankruptcy case is what happens before the bankruptcy petition is filed.
Another thing to do is attend pre-bankruptcy credit counseling. You will be required to do this before you can file for bankruptcy, and even if you don't apply for bankruptcy protection you will learn a lot about your options. It usually only take a few hours.
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Posted by Staff Writer on 21 Jan 2010
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