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I lost my job in August, and havent been able to keep up with bills and my credit card debt is stacking up quickly. I think bankruptcy may be my only option. How do I begin filing for bankruptcy?
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The first thing you should do is talk to a bankruptcy lawyer, explain your situation and find out what you can do BEFORE filing bankruptcy in order to save as much money as possible. Pre-bankruptcy planning is one of the most important parts of any bankruptcy action. You can find a qualified local bankruptcy lawyer and get a free consultation by clicking the talk to a lawyer button at the bottom of this page.
Given that you lost your job, you will likely be a good candidate for a chapter 7 bankruptcy. During a chapter 7 bankruptcy filing, a bankruptcy trustee will be assigned to your case and will be responsible for liquidating all your non-exempt assets. If there are any assets you wish to keep that are not exempt, you will need to reaffirm the debt and continue making payments.
A chapter 7 bankruptcy will usually take about 3-5 months to complete, during which time no creditors are allowed to attempt to collect any money from you. After the bankruptcy is complete, your debts will be discharged (wiped out) and you will be able to start fresh.
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Posted by Staff Writer on 21 Jan 2010
1 person found this useful
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