Bankruptcy doesn’t have to be a bad thing. For many people, it can be the start of the beginning. If you have come to the stage in your life where you realize that bankruptcy is your final option, then this is the article for you. You need to be sure though, bankruptcy stays on your record for many years, though if you need to file, you probably aren’t doing so great any way.
There are two routes you can go down when filing bankruptcy. The first is called “Chapter 7” this is essentially where your assets are just liquidated. This is usually the most common, however, because of some means testing introduction many opting for “Chapter 13” in which individuals follow a repayment plan.
Your next step is to get a lawyer. You may not think you need it, but it is very useful and keeps everything official. When paying for a lawyer, go for one which offers you a flat fee, otherwise you may find yourself getting into even more financial problems than you are already in. If you are really struggling with paying the fees, you may be able to find services that will file your case for free, if you contact a local authority, they may have services available for people in your situation.
Next, you need to ring up all your creditors. This may not be nice, but it will stop any calls you have been getting. Tell them what is happening and refer them to your lawyer; your lawyer will now handle any problems that arise.
Finally, you need to start a fresh. Get rid of your cards or checks you have been using. You need to make a change now.
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