In the first place, bankruptcy is a legal procedure used to discharge (pay off) unpayable debts. It is similar to starting from scratch, except that there are pros and cons to consider before making a decision. The subsequent actions must be taken when filing for bankruptcy:
1. Ensure that there are no other options available to you; bankruptcy remains on your credit report for up to ten years.
Because bankruptcy laws vary from state to state, you should familiarize yourself with the bankruptcy laws of your state.
Learn the different forms of bankruptcy laws. There is Chapter 7 law (straight or liquidation bankruptcy for individuals with few assets and a great deal of debt, such as credit card debt) and Chapter 13 law (a repayment plan for debtors who cannot pay their rent, mortgage, student loans, cars, taxes, and other secured debts).
Create and submit your bankruptcy petition. The Bankruptcy forms can be purchased for $20 from a legal stationery store.
Choose the filing method for the petition. This can be accomplished with the assistance of a lawyer or, if you cannot afford one, a paralegal.
6. Meet with the attorney or paralegal to review the document and provide accurate and truthful information about your assets, liabilities, expenses, and credit card transactions.
7. Determine how much the filing will cost, and then submit the original petition along with three copies to the court. A second copy must be kept by the petitioner. As long as it is legible, it may be typed or handwritten.
Refer all of your creditors to the attorney or paralegal you've retained, and ensure that you frequently check on their progress.
Filing for bankruptcy is neither simple nor enjoyable, particularly considering that it will remain on your credit report for up to ten years - and is, of course, a global announcement that you're broke. But before you file for bankruptcy, make sure you have all the facts and have considered the laws of your state.""
" - https://www.affordablecebu.com/
