The decision to apply for bankruptcy can be a difficult one, but it can lead to positive results for people seeking to reduce some or all of their debts. Of course, the first hurdle to reducing your debt through bankruptcy is figuring out how to apply for it in the first place.
The first step in learning how to apply (or file) for bankruptcy can be to locate a personal bankruptcy lawyer. While this may sound like a challenge, speaking with a bankruptcy attorney is actively encouraged by the U.S. federal court system.
If you'd like a free, no-obligation consultation with a local bankruptcy attorney, simply fill out the form below and we can connect you with a lawyer near you today.
In brief, bankruptcy is a legal process that occurs through the court system and is designed to give consumers a second chance in their financial lives. The U.S. Bankruptcy Code controls the process, but specific states are also subject to different bankruptcy laws.
The first major decision is determining which type of bankruptcy you may be eligible for. There are two types of personal bankruptcy, Chapter 7 and Chapter 13.
Chapter 7 may help filers discharge some or all of their unsecured debts, while Chapter 13 can help filers who wish to hold on to valuable property, such as a car or house, through the bankruptcy process.
A bankruptcy attorney can help you decide which chapter, if any, is best for you. In addition, before you begin to apply for bankruptcy, you may want to take the following steps:
With this information in hand, a bankruptcy lawyer may be better able to help you determine if either type of bankruptcy is the most appropriate action to take.
Now that you know a bit more about how to file for bankruptcy, you may still be curious if bankruptcy is the best choice for you. Remember that bankruptcy may help you eliminate the following types of debt:
In addition, if you have fallen behind on home mortgage payments or car loan payments, bankruptcy may help you catch up on your bills while keeping your valuable property.
For more information on bankruptcy eligibility, how to apply for bankruptcy, and an evaluation of your unique financial circumstances, contact a local lawyer today.
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