Filing Bankrupty Basics

Basic eligibility requirements to file for bankruptcy

Residency: Basic eligibility restrictions require that you live, have a residence, a place of business OR a property in the United States.

Take credit counseling: you must be willing to take this course before filing for bankruptcy. (If you meet or do not see any problems in meeting these requirements, then you are ready to determine which path to follow.) Continue below for "What bankruptcy is right for me?" For more information about residency and credit counseling laws visit our bankruptcy page of the law).

What bankruptcy is right for me?

Do you want to keep most or all of your property? Do you have enough regular income to pay your debts if they were restructured, put into a monthly payment and paid between 3 and 5 years? If so, then Chapter 13 is most likely for you. Most likely you need to file this type of bankruptcy if you have an income with which you can pay off your debts. If you have unsecured debt, which with your low income is impossible to pay, then Chapter 7 is probably your best option. In most cases, you can still pay for the insured items you want to keep, such as a vehicle or a home. But basically you're asking the bankruptcy court to accept the other debt, sell it for you and pay the proceeds to the creditors. This bankruptcy usually adjusts to the lowest income. Visit our glossary page in the media test, which helps determine if you can file Chapter 7 even with a higher income. After understanding the above differences and the proper bankruptcy for you, consider getting the help of an experienced professional who can guide you on how to file a bankruptcy.

Get help filing for bankruptcy

You can be sure that you filed a solid bankruptcy case with the help of a lawyer and with the help of your bankruptcy trustee appointed by the court.

First, keep in mind that filing for bankruptcy is a legal process. For this reason, and for your own financial well-being, every decision you make about bankruptcy should be a well-informed choice. That is, is this process something you want to undertake on your own or do you want a professional to help you? It is possible to declare bankruptcy on your own; however, it requires a lot of patience and diligence on your part.

A lawyer can guide you through the complicated procedure of filing for bankruptcy. After giving the lawyer all of your personal information, he or she can put together and file your voluntary petition. Once the documents have been filed in the bankruptcy court, you will be assigned an administrator who will ensure that all the necessary information is collected and that all the information provided is accurate. The next step, with which your lawyer can help you, would be to notify your creditors that you will file for bankruptcy to file all actions that they could take against you to receive your payments. 3 and 5 years? If so, then Chapter 13 is most likely for you. Most likely, there is a presentation of this type of bankruptcy if you have an income with which you can pay your debts.

If you have unsecured debts, which with your low income it is impossible to pay, then Chapter 7 is probably your best option. In most cases, you can pay for the insured items you want to keep, such as a vehicle or a home. But basically you're asking the bankruptcy court to accept the other debt, sell it for you and pay the proceeds to the creditors. This bankruptcy usually adjusts to the lowest income. Visit our glossary page in the media test, which helps determine if you can file Chapter 7 even with a higher income.

After understanding the above differences and the proper bankruptcy for you, consider the assistance of an experienced professional who can guide you on how to file a bankruptcy.

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