If you have checked out debt consolidation option or debt settlement program and realize that filing bankruptcy is your only way to get out of debt, then the following 6 basic steps will show you how to minimize the pain of filing bankruptcy.
1. Hire a local attorney in your area. Most of the attorneys will give you a free first-time consultation. Pick up the phone and talk to several of them to find one that you feel comfortable to work with and the fee is affordable for your budget.
2. Ask as many questions as you can, just so you know what to expect next. Questions can be: "How long have you been practicing law?" "How many bankruptcy cases have you worked on?" "How much will my bankruptcy fee be?" "Besides court fees and your fees, will there be any other fees that I need to know about?" "Why should I file for Chapter 7, instead of Chapter 13?""What's the bankruptcy process?" "How long will the bankruptcy take?"
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3. Evaluate your debts. When you first meet with your attorney, he will need to be familiar with your particular financial situation, such as your income, investments, asset and your debts. Try to provide him with the detail info. Keep in mind; debts like most student loans, taxes, criminal restitution obligations and child support are not dischargeable in Chapter 7 Bankruptcy.
Your attorney will make a decision on what property is exempt and tell you if you're eligible for Chapter 13 bankruptcy or Chapter 7 bankruptcy.
4. Fill out the bankruptcy forms. To do so, you need to show your attorney your current financial document, such as tax returns, employment verification, bank statements and all the debts. He relies on you telling him the truth in order to help you fill out all the bankruptcy forms correctly.
5. Go to the court. Normally your attorney will appear on behalf of you. You might need to show up once to meet up the judge and the "Trustee", your bankruptcy officer. Your attorney and the Trustee will work closely to assist you to go through the bankruptcy process. Your attorney will file all forms for you.
6. Discharge your debts. Usually the personal bankruptcy can take as long as 6 months. It really depends on the court calendar and your specific case. When it's all done, the Judge will issue you an order, declaring your debts have been discharged. With that order, you no longer have to pay any of your debts and your creditors can not come back to collect debts from you.
Not everyone can qualify for bankruptcy; however, if you do, at least now you know how to minimize the pain of filing bankruptcy with these simple steps.
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