Understanding Bankruptcy

Learn about bankruptcy first before you take such a severe step toward getting out of debt.  This may not be the best debt solution for your situation.

Educate Yourself With Facts...

It's important that you understand how bankruptcy will impact your life and personal finances over the next ten years. This is not a decision to jump into without information. I recommend that you speak with an expert in your local area.

There are many bankruptcy lawyers that will help you with the paperwork for a minimal charge, or for about $2000.00 or less they will do the paperwork, filing, and go with you to the informal proceeding called the "meeting of creditors." Their expertise will keep you from making serious mistakes on your own.  Therefore, I do not recommend purchasing a bankruptcy kit and doing this on your own.

Go to a lawyer specializing in bankruptcy.  They will normally allow you to pay them in payments, no matter how small.  Then when you have payed the required fee.  They will file with the court and get a court date.  Until the full amount of the lawyer's fee, court costs and filing fees are paid ($2000.00 or less as stated above) filing with the court will not take place.  

Your creditors cannot be notified that you are filing until your fee is paid in full.  However, once you have paid the fee, you can stop the calls by telling the creditors and collection agencies that you have filed bankruptcy.  

You need time to process all the facts in relation to your particular financial position. It won't be helpful to base your decision upon your emotions or fear tactics instigated by a lawyer.

If you let fear or your emotions take over in any situation, you won't be able to have clarity for receiving God's guidance. He will help you with decision making, but you have to be free of anxiety.  Instead you need trust that He will guide you.  You also need clarity for making common sense decisions.

Overcoming fear is the first step toward resolving your financial difficulties.
 

A list of links has been compiled for your convenience to help you understand the United States bankruptcy process.  You will understand what bankruptcy is and the different types available. Also learn what it will do and not do for you, as well as how it will affect your home, cars, utilities, and financial holdings. It also includes a glossary of terms and definitions that will be helpful.

• Learn What Bankruptcy Is And Find Out:         

• The Two Basic Types Of Bankruptcy
• Chapters 7, 13, 11 & 12
• Bankruptcy Counseling
• Bankruptcy Questions and Answers

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Understanding Bankruptcy and all associated materials and related studies are the complete work of the site's author, Margaret Lukasik, and cannot be copied by any means without her express written permission.