What are the steps to filing your own bankruptcy?

8:01 am on November 21, 2009 | 3 Permalink | Reply
Tags: bankrupt (3,521), Credit (1,488), file for bankruptcy (439)

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  jennifer 5:27 am on November 22, 2009 Permalink | Reply
  

  Hi,
  I used ”Credit Solution” to settle my debt and avoid bankruptcy. They managed to reduce my debt up to 58% and improve my credit score. It’s legitimate . I came across this company on NBC News Special Edition. Check it out here:
  http://CreditSolution.com

  Note:It’s advisable to fill out the short form.Let them call you back.The line is always busy due to so many customers.

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  OC1999 8:01 am on November 21, 2009 Permalink | Reply
  

  Bankruptcy is a Federal Process, but each state has it’s own specific exceptions. The ability to file bankruptcy is not determined by the amount of debt(or bad marks) that you have, but your ability to repay the debt you have.

  You first have to pass a couple of "means tests" to determine if you qualify for BK and if you do would it be a Chapter 7(Liquidation) or a Chapter 13(Repayment/Wage Earner Plan).

  Once you figure that out, it is not a simple process. This is a legal process and it has many steps that must be done correctly. If they are done incorrectly or you leave things off you could have all or part of the BK dismissed.

  The link below is from the US Bankruptcy court and can give you some of the basics. But remember that this is general information and your specific situation could(and probably will) have special cases you may need to deal with.

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  Studly 8:01 am on November 21, 2009 Permalink | Reply
  

  The steps to filing bankruptcy are simple.

  Step 1. Hire an attorney.

  That’s it. Seriously….many people are tempted to try to file on their own. But it’s far more complicated then you thing, and even trained attorneys are known to screw things up.

  If you make one single error, file a wrong form, miss a deadline, not supply certain information, then your BK will be dismissed immediately by the Trustee. All of the money you spent to that point is wasted. All of the work must be redone.

  And worse yet…..the minute your creditors find out that your BK was dismissed, they are going to work like mad to file a lawsuit and collect what they can, while they can. You are barred from filing another BK for 6 months.

  I know of one person who had their BK dismissed, and the very next day a repo man came and took their car.

  As for your question about trying to stall….it could work. In California the Statute of Limitations on credit card debts is 4 years. That time starts from the date of the last transaction. So if you can dodge, hide or otherwise try to get away from a court judgment you would be home free.

  Your credit will be trashed during this time, bit if you file BK it’s going to be toast for 10 years.

  Planning on any large loans or mortgages? Forget that also. Even without a bankruptcy the creditors will see those charge-off’s and that will cause you a problem. If you are not planning such a loan, that’s one more reason not to file.

  There are a lot of angles involved here, and very few details. I suggest you locate a non-profit credit counselor and see what they recommend, or else post some additional details here.

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