What Forms Are Needed To File Bankruptcy

When you come to think of it, filing for bankruptcy can take a long time

. If you file for a chapter 7 type of bankruptcy, it can take at least six months or more. If you file for chapter 13 type of bankruptcy, it can take at least 36 months or even longer than by filing for a chapter 7. You must be asking why this is so. The only answer I can give you is that filing for bankruptcy takes a lot of forms to be prepared and when I said a lot, it means more than what you can do if you try to prepare it by yourself.

Before you know which forms you need to file bankruptcy, you have to know the two different types of bankruptcy that you can file for. There are two types of bankruptcy that everyone usually files for. It is either chapter 7 or chapter 13 type of bankruptcy. Depending on your income, you can qualify for each one. People who file chapter 7 are those who have a below average income according to their state. Chapter 13 is for people who have income that is above average and that can still pay for their debts through a repayment plan. Chapter 7 is a straightforward type of bankruptcy; it is quicker in process and in eliminating your debts. The idea here is that all the debtors properties will be liquidated except for exempt properties that the debtor can keep. Proceeds derived from the liquidation will be distributed to the creditors. Chapter 13, on the other hand, is a repayment plan.

So what forms are needed to file bankruptcy? You can download or at least check the bankruptcy forms on the internet and there are lots of site that offers you PDF format bankruptcy forms. If ever you want forms that you can fill-out, you need PDF editor software that you can save in your computer which you can use in the future. You need to know the risk of filling up bankruptcy forms by yourself because any mistake can cause you to lost unnecessary assets.

To make it easier for you, hire a petition preparer or a bankruptcy lawyer. They know what forms are needed to file bankruptcy. You can just pay them their flat fee for preparing your papers and then you can file bankruptcy by yourself. This way, you do not need to spend a lot of money when filing for your bankruptcy and the end result is the same and satisfactory. For more support on how to file bankruptcy, visit the website below.

by: Steve

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