Bankruptcy can be an intimidating step in anyone's financial life. Financial hardship, collections, foreclosure, and medical bills can add up to make your debt load unbearable. Bankruptcy still carries a stigma of irresponsibility, but you should be assured that this process can be a powerful tool to change your life for the better. By considering bankruptcy as an option, you are both admitting your hardship, and thinking forward to a better future.
There are several steps in the process of bankruptcy. The first step is to make a list of all your bills, creditors, and debts. This includes everything from rent or mortgage obligations, to medical bills, credit cards bills, personal loans, business loans, auto loans, and utility bills. If you have extensive collections, make sure to include these debts in your list. Charged off accounts, repossesed cars, and foreclosed homes are debt obligations that you want to include in your list of debts.
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On step 2, you need to find a bankruptcy attorney who can aid you in this process. Standard attorney's fees vary state by state, so make sure you are familiar with state average fees that attorneys might charge. It is also a good idea to interview several attorneys to find one you would like to work with, and keep in mind that you will have to make payments to this attorney.
Step 3 is deciding which type of bankruptcy to consider. There are two types available to most consumers, Chapter 7 and Chapter 13. Chapter 7 bankruptcy is a liquidation of all your assets and your debts. Most assets are subject to seizure, excluding some items, such as the home, a car, and retirement savings. Chapter 13 banktruptcy is a repayment of some debt, in a structured repayment plan over several years.
You can survive bankruptcy, and emerge from it with fewer debts and obligations. This can be a huge relief. Also, you should keep in mind that the laws governing bankruptcy are there to protect and help you.
One of the biggest problems you will face after this process is bad credit. Your credit score and history will be weakened for an extended period of time. If you need a loan during this time, you should find a bad credit lender.
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