You’ve discussed the possibility of filing bankruptcy with your family in detail, and feel as though you’re set to make the decision. However, you have some doubts about the bankruptcy process, and do not want to spend hundreds of dollars getting advice from an attorney. There are various sites that will allow you to get free bankruptcy evaluation, so that you can be informed about the process as you are working to improve your financial health.
Before you download your Chapter 13 filing forms, you will need to figure out what type of bankruptcy you are filing for. If you’re looking for a debt consolidation type of program, you may want to file for Chapter 13 bankruptcy. This will stop creditors from calling, and will stop you from facing foreclosure or wage garnishments. You submit your Ch 13 repayment plan to the bankruptcy court, and you will be assigned a plan that will let you to settle your debts in 3-5 years. The federal court will issue an automatic stay for you, which means that this will stop all creditors from making any more action on your accounts. About a month after the ruling, you will be required to go to a 341 meeting that will last for about fifteen minutes. This meeting will allow your lenders to question whether or not you can pay your debts. The lenders will usually ask if you can pay at least 50 cents on the dollar, and if you’re not able to do so, they won’t object to your bankruptcy.
You will also need to find out if free bankruptcy forms chapter 7 are available from a local court if you’re going to file for Chapter 7 bankruptcy. This will allow you to have all your assets prepared according to what you can pay. You’ll still have to attend a 341 meeting for this type of bankruptcy so work with your lenders as much as possible to come up with a solution.
It’s a good idea to take free bankruptcy case evaluation offers from the internet. In most cases, your first consultation will be free, so be sure to have as much information as you can at the first meeting so that you can continue the filing process on your own if need be. You can also choose to do it yourself bankruptcy kit software if you want to save on legal costs.
Before you fill out and send in your bankruptcy forms, it’s important to make certain that you take a serious look at your finances to find out if there are any debt consolidation tools that you and your family can put into place without filing bankruptcy. Bankruptcy should be your last resort, but it can help you to restore your credit successfully.
