How To Go About Claiming Bankruptcy

Many people look at their financial situation and how much money they owe different people

. Many of those same people don't see the light at the end of the tunnel. If you are one of those people then you might want to think about claiming bankruptcy as it can be beneficial. Here is how you can do this.

Now, the best thing for you to do is for you to go about and get a lawyer. You don't have to do that. However, if you aren't sure with what you are doing, this is always helpful. When you have a lawyer they can tell you which chapter is best for you to file and how to protect some items of yours. They can even help you to know how much it will cost you.

The first thing you need to do alone or with a lawyer is to decide which chapter to file. When you learn about this, you will find that you really have three options. There is Chapter seven. This allows for you to not deal with all the nit and grit. The way you do this is you allow the courts to decide how much you have to pay. Then, there is Chapter eleven. This is where you acknowledge that you have things to do on top of that, you then work out a plan to pay them back. Last, is chapter thirteen. With this one, you go about and you have a percentage of what you owe taken out of your paycheck.

The next thing is to look at the things you own. You need to create a list of all those assets that you have as well as all the different liabilities that you have as well. When you know this, you will know where you stand as to what you can sell and keep as well as what you owe. This is something that the courts will ask for.

From there, you will then have to file with the courts. Something that you will have to do is list all of your assets. You also have to list all of your liabilities. The reason you do this is because you learn what you have to sell and what you get to keep. This is how you get the money to pay off some of the things you owe. You sell some of your assets. A lawyer can help you to learn what you are entitled to keep.

Last of all, you then have to file with the courts. They will need this list that you have created. On top of that, you need to file the petition and wait patiently. It can take you six weeks before you get an answer. It might seem like a pretty big amount of time, but sometimes it can be sooner than that.

Now that you know the basics of how to file for your bankruptcy, you can see if this is something that you want to go ahead and do. It might be your only option. So, if you have things that you can part with to get some of those bills paid off, bankruptcy might be your best bet.

by: Enrique Castillano

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