How do you file for bankruptcy?

I’m 25 and owe more than I make on credit cards and now that I had an accident at work, my hours had been cut and my mom is left to pay some of my credit card bills but I pay some of the bills yo help out.
Is it hard to file for bankruptcy? Expensive? How long does it take?
I’m from California

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Posted July 17th, 2010 in Bankruptcy Q And A. Tagged: , , , .

3 comments:

  1. JC:

    The hardest part of filing for bankruptcy is coming up with the fees. For me it was about 1500.00 which took me almost six months to put together. Then you have a dizzying array of documention to send to your accountants. But the good news is once you do actually file your paperwork with the court you are under bankruptcy protection. All of your creditors have to stop calling you and any lawsuits or garnishments against you are gone. If you are serious about filing you need to get an attorney right away. They will tell you to stop making payments on your accounts as they will all be discharged in bankruptcy there is no point to trying to continue paying them off. It would just be a waste of money.

    July 17th, 2010 at 10:07 pm
  2. Let me steer you:

    You contact a bankruptcy attorney in your city. The first consultation is free & they can tell you what is the best Chapter to file for your situation according to the means test. Bankruptcy requirements are different in different states.

    Creditors stop bothering you as soon as you file the bankruptcy which can be done in a matter of days. For it to be discharged can take up to a couple of months.

    The fees vary by attorney. Generally they are around $2,000 to $5,000.

    July 17th, 2010 at 10:07 pm
  3. clogher:

    You need a lawyer. This is something you can’t do yourself. There’ll be lots of lawyers in your area who specialize in bankruptcy. It’s not cheap, and they expect you to pay up front. You can go Chapter 7 and get rid of the debt for good, or Chapter 13 to allow you more time to pay what you owe. Please learn from this not to get debt levels that are too high to handle. Good Luck!

    July 17th, 2010 at 10:07 pm

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