How to File for Personal Bankruptcy
Filing for personal bankruptcy is nothing to be ashamed about. The bankruptcy process was designed to help individuals who are suffering from a tremendous amount of debt. An individual may need to file for personal bankruptcy if they are unable to pay off all of the debt that they owe.
- Write down a complete list of any debt that you owe. Your debt may include credit card bills, utility bills, and much more.
- Find out your credit score at annualcreditreport.com.
- Consult with a bankruptcy attorney. The bankruptcy attorney will be able to look through the information you have provided about your debt and decide whether or not you should file for bankruptcy. The attorney can also help you to decide whether you will file for Chapter 7 or Chapter 13 bankruptcy. In order to file for Chapter 13, you will need to be employed because you will be put on a payment plan to pay off the debt that you owe. If you are unemployed, Chapter 7 may be your only option, but you may lose some of your assets due to the liquidation process.
- Fill out the necessary forms with your attorney when filing for bankruptcy. Always fill out the form with accurate and honest information.
- Pay your Bankruptcy Court fees. It will cost around $300 to file for Chapter 7 or Chapter 13 bankruptcy.
- Attend any bankruptcy hearings with your attorney present. It is important to show up to these hearings so that you know what is going on with your case.
- Complete the bankruptcy case. If you have filed Chapter 7, some of your assets will be taken from you. If you have filed for Chapter 13, you will need to begin your payment plan. Filing for bankruptcy will show up on your credit score for 7-10 years.