Loss of jobs, divorce, and reversal of fortunes will bring some of us to the turning point, and we need help. Financially distraught and overwhelmed by creditors may have you asking friends and family how to claim bankruptcy. The legal process for this type of financial protection from creditors is a very detailed undertaking and most if not all should hire an attorney to help you traverse this legal procedure. Do not be fooled with do-it-yourself legal kits, as they do not know all of the new laws that are introduced on a frequent basis. Only an attorney that specializes in bankruptcies will have the best outcome in this legal situation.
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Before consulting with an attorney you will need to gather all your bills, mortgage paperwork, automobile payment book, credit card statements, and all real property you have clear titles on at the time. Be sure and disclose everything so your lawyer can protect what you own, and quash any claims against them in the future. The lawyer will then start the process of getting your application ready to submit to the courts for immediate relief from your creditors. He will then give you a case number that you can give to collectors when they call wanting their money. At this point, they have to legally stop contacting you at home or work completely.
Chapter seven and thirteen are the two personal bankruptcies methods that are sought after by individuals wanting to rid themselves of their financial calamity. Chapter thirteen is for the individual that has a large asset such as their primary home, and want to keep from having to liquidate the house to retrieve the equity to pay creditors. Chapter seven requires you to sell almost all of your possessions to repay your debts with in a three to five year timeline. The court will assign your estate a trustee to make sure that all prescribed procedures are executed, and is responsible for dispensing payments to companies that you owe money.
All states have slightly different laws regarding what you can and cannot keep as far as personal property. Your attorney will apprise you of your rights concerning this subject. To prevent penalties and criminal charges of fraud, do not try to hide any assets. Fraud charges can include jail time and are usually compounded with fines, and extra court costs. Full disclosure is of the utmost importance to prevent delay, and even more financial trouble that you can ill afford at this point in the process.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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