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Filing Bankruptcy

Those who are faced with the overwhelming fact that their debts have grown to such a large amount that they might have to file for bankruptcy might not have a clue about how to go about this course. The first and foremost step to take is to put your bankrupt status on paper by filing for bankruptcy through the bankruptcy court.

How exactly does one File for Bankruptcy?

First of all, you should keep in mind that filing for bankruptcy is a legal process. For this reason, and for your own financial well being, each decision that you make about bankruptcy should be well informed choices. That is to say, is this process something you want to take up on your own, or do you want a professional to help you? It is possible to file for bankruptcy on your own; however, it is a process that would take a lot of patience and diligence.

If you decide that you want to file for bankruptcy on your own, the first decision you have to make is which kind of bankruptcy you should file for: Chapter 7 or Chapter 13? Once again, these decisions cannot be made fast. So it would be a good idea to visit your local library and talk to a few people who might know more technical information about filing for bankruptcy.

On the other hand, it might be a safer option to get in touch with a bankruptcy lawyer who can guide you through the complicated procedure of filing for bankruptcy. You will have to provide you bankruptcy lawyer with all your personal information in order to put together and file your voluntary petition. Once the documents are filed at the bankruptcy court, you will be assigned a trustee who will see to it that all the information that is needed is collected from you and that all the information provided is accurate. The next step would be to notify your creditors that you will be filing for bankruptcy so that they will have to stop all actions they might be taking up against you to get your payments.

The later procedures include meeting the various parties who are involved in your bankruptcy case, together with your creditors and if possible your creditors’ lawyers.

While all this is going on, also keep in mind that filing for bankruptcy is a long process which will require a lot of patience. For this reason, having an experienced lawyer might make sure that everything runs smoothly.

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