How Do I Declare Bankruptcy?
Bankruptcy is legal process when you are not able to pay your debt, so in this condition you can declare bankruptcy. Chapter 7 and chapter 13 are for these types of cases. For Filing a bankruptcy lawyer is needed and he/she would help you. For more visit http://www.kolberlegal.com/BANKRUPTCY_FAQS.html
Bankruptcy is a legal process, through which a debtor seeks to eliminate debts that he cannot pay. It can be used by individuals, couples and incorporated companies. All debt secured by physical assets are outside bankruptcy proceedings and can be resolved through the repossession of the asset by the securities holder. The services of a bankruptcy lawyer in the United States or a bankruptcy trustee in Canada and Europe is required to declare bankruptcy. A free evaluation meeting can be scheduled to meet with the lawyer and discuss your personal situation. They may suggest other options to resolve your debt issues. In preparation for this meeting, you should organize the following information: a complete list of all your outstanding debts, the name of the creditor(s), the account numbers, the amounts owed, the monthly payment and the number of months behind, if any. Indicate if the debt is secured or unsecured. A secured debt is one where the title of the asset is held by the financial
A bankruptcy is what you will do if you are sure you cannot pay the bills, especially if they are racking up interest. The effect it has on your credit history is beside the point as your scores are headed for the toilet anyway. Fixing the problem correctly should be your biggest objective. 1. Check your alternatives first. If you anticipate getting a good job soon and being able to pay the debt, work with your creditors and start paying the debt. Also you may want to call the creditors and see if they will cut down the bill. The hospital where my son was born cut our bill from $16000 to $6500 after we negotiated with them. They give the insurance companies big discounts anyway, so you do have leeway to do this. Not sure about the individual doctors, and if it’s gone into collection I’m sure they’ll balk. But you sure don’t want to file bankruptcy if it’s possible to pay your creditors and drive down the debt substantially in a few years. 2. If your income is low enough, which is what
To declare bankruptcy, debtors file a petition in Federal Court, asking the court to discharge their debts. The petition gives information to the court about your finances, your assets and your debts. YOU MUST BE COMPLETELY HONEST IN PROVIDING THIS INFORMATION. The petition is signed under penalty of perjury. Lying to the federal court can send you to federal prison, just like Martha Stewart. Before filing, debtors must participate in a credit counseling briefing with a court-certified counseling service. This can be done on the internet or by telephone. We will provide a list of certified counselors.
