How do I file for bankruptcy?
I got loads of debts from various credit card companies.
I think the only way out is to file for bankruptcy.
can anyone tell me how to go about filing a bankruptcy,
and how it works?
I got loads of debts from various credit card companies.
I think the only way out is to file for bankruptcy.
can anyone tell me how to go about filing a bankruptcy,
and how it works?
Technorati Tags: bankruptcy, credit card companies, debts
How to go bankrupt: no bull advice on when and how to file, online bankruptcies, alternatives, tips, do-it-yourself with a low-cost attorney review.
It’s really a shame that our society now is so expensive that we have to depend on credit cards to help us survive this expensive world. I feel for you. I had to do it about ten years ago and my husband did it about four years ago. You’ll need a lawyer and they will in turn assess what you owe, you’ll need to obtain copies of all your bills and assets such as car and house, and all debtors such as your credit card bills. The lawyer will list those that you want to include in your bankruptcy and you will have to appear before a trustee and make a statement regarding your expenses and that you are not able to pay them off. This is standard procedure. But, just so you know, the bankruptcy laws have changed and I’m telling you what happened with us a few years back. Consult with a Bankruptcy Lawyer and see where you stand ok. Good luck. PS: It will cost you between $600-$1100 dollars to file. So be prepared. It may be more now a days.
August 1st, 2010 at 12:18 amYou just give every dime you’ve got left to a lawyer, he/she will take care of the rest. You’ll have to make one brief court appearance. If you don’t have any assets, you’re pretty much scott free. Some credit card companies try to get you to return merchandise. A BK stays on your credit report for 10 years, but most people can start a whole new load of debt within two years of filing.
August 1st, 2010 at 12:18 amTom S’s answer pretty much says it all.
You hire a lawyer who will do most of the paperwork
All you have to do it show up to your court appearance, go before this "judge" to confirm you are in debt and cannot pay your bill. He may ask you reasons why. (Your lawyer will help you with all that). Then, if the "judge" thinks your reasons are worth it, he will grant you bankrupt.
Again, Tom stated that some credit card companies or stores (store cards) will try to get merchandise back. They will ask you if you still have it and how is the condition. If you say you have it and it is in running condition they will want it back and there is pretty much nothing you can do about it.
There is usually one more court appearance but the lawyer usually goes by himself or sends a proxy.
That’s it.
Usually (since you cannot declare bankruptsy for another 7 yrs some cards will contact you (not the ones you had) and ask if you want a card with them. Some run a couple of hundred some a few thousand. It depends.
But you cannot get credit in most places, even the simplest things that you would never imagine. So beware.
August 1st, 2010 at 12:18 am