How Do You File Bankruptcy
Bankruptcy laws help people get back on their feet if they struggle with debt, but how do you file for bankruptcy? It can be intimidating to look at the legal system and determine all the proper steps to take to seek that protection.
Though the bankruptcy filing process may seem overwhelming, bankruptcy has helped many people in this country get a fresh start financially. People struggling after job loss, health issues, divorce and foreclosure regularly seek the relief that bankruptcy can provide, whether through the debt discharge or through a reorganization and repayment plan.
Credit card debt and medical bills are just a few of the financial hardships that can lead someone to file for bankruptcy protection. A bankruptcy lawyer, however, may be able to provide help and answer questions about this process.
A lawyer in your area may be able to answer your questions and provide some insight into the bankruptcy process. Just fill out the free case evaluation form below to arrange a no-obligation initial consultation with an attorney near you today.
Filing for Bankruptcy: Some of the Steps
Often the first step in bankruptcy is to determine which form of bankruptcy to file. Individuals often choose between Chapter 7 bankruptcy and Chapter 13 bankruptcy. Chapter 7 bankruptcy can discharge unsecured debts like credit card debt, while Chapter 13 bankruptcy often involves negotiating a repayment of some of the debts, as determined by a bankruptcy trustee assigned by the court.
To determine qualification for Chapter 7 bankruptcy, you'll likely take the means test. This test judges your income against the median income of families of your size in your state. Those with an income below the median are typically allowed to file. Those who don't qualify during the means test usually file for Chapter 13 bankruptcy.
After one files for bankruptcy, the automatic stay kicks in. This legal process calls for any attempts to claim outstanding debts to halt, including harassing phone calls from debt collectors and other such behavior. The automatic stay can even temporarily halt a foreclosure proceeding.
If You Are Thinking of Filing Bankruptcy, Consider a Bankruptcy Lawyer
Filing bankruptcy can be an intimidating and stressful process. A bankruptcy attorney can help guide you through the process and answer questions about qualifying for bankruptcy, and whether bankruptcy is the rights solution for you. You can arrange a free, no-obligation consultation with an attorney near you - simply fill out the case review form to get started.