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Debt Management Law News

February 9, 2010

Steps to Filing For Chapter 7 & 13 Bankruptcy

The process of filing bankruptcy online is one way easy the other way difficult. The following steps could be a guide for those who want to file bankruptcy individually without the help of any bankruptcy service provider.

These steps could also prove to be an eye opener for those bankruptcy applicants who are completely ignorant of the bankruptcy process and formalities.

Some of the steps in the process of filing bankruptcy are as follows.

* Step1. Bankruptcy should be the last resort, so try all other alternatives before filing for bankruptcy. One should remember that bankruptcy remains on your credit report as a black stain for a long time. This duration is around ten years but can vary according to the rules of the state.
* Step2. The debtor may either file chapter 7 bankruptcy or chapter 13 bankruptcies. Most of the people are compelled to file chapter 13 bankruptcy because of failure in the means test.
* Step3. Try not to file for bankruptcy individually. Try to conduct a small research and then avail the services of a good and reputed bankruptcy attorney.
* Step4. The debtor should have meetings with the attorney and seek help about taking the means test.
* Step5. The debtor should work out the expenses to be incurred for filing bankruptcy online along with the services charges of the attorney.
* Step6. The rules pertaining to fees for filing bankruptcy vary from state to state. It may be free. In chapter 7 bankruptcy the attorney cannot be your creditor. That means in chapter 7 bankruptcy the debtor has to first pay the fees of the attorney. In chapter 13 bankruptcy the fees of the attorney can be adjusted in the repayment plan.
* Step7. To stop the creditor’s call for collection of money, the debtor should refer the creditors to the lawyer because once the bankruptcy is filed; there is automatic stay on the collection calls.
* Step8. You have to wait for the meeting for the creditors. You have to make a list of your assets and answer to some of the questions, your response to which is recorded.
* Step9. Stop using your credit card because this could go against the chance of bankruptcy approval. Most of people apply for Credit Card Debt Bankruptcy.
* Step10. The trustee makes a list of exempted assets and non exempted assets.
* Step11. If any lawsuit objecting to the discharges is not filed by the creditors, the debtor will receive the notification of debt discharge on the 60th day.

The above mentioned steps if followed judiciously can ensure successful filing bankruptcy online. It is always better to take the services of an expert attorney in this matter.

Sometimes, debt can be overwhelming, and bankruptcy becomes necessary.
Bankruptcy can sometimes be difficult. If you are considering bankruptcy, contact the Houston bankruptcy lawyers of Weston & Associates, PLLC at 713-623-4242

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