How To File Bankruptcy

When learning how to file for bankruptcy you should always do your research and understand exactly what all the pros and cons are for filing. The last thing you want is to be in bankruptcy when you didn't really need it.

Filing a bankruptcy case begins with the filing of a petition with the bankruptcy court in your area. The form contains all the information pertaining to your assets, debts, income, expenditures, as well as personal financial information.

In a Chapter 7 case, the court will appoint a trustee to represent the interests of your creditors, where you must attend a so-called “meeting of creditors” with the trustee to answer questions regarding your assets, debts and so forth. After the meeting, the trustee "liquidates" the property that can be taken from you and splits them among your creditors. At the end of the liquidation process, a hearing is held to discharge your debts.

A Chapter 13 case begins by filing the same papers as under a Chapter 7. In addition, you must file a workable plan for repaying your debts with the bankruptcy court. You must send your payments directly to the chapter 13 trustee after filing. The trustee then pays your creditors according to the terms approved by the court. When you have repaid your creditors accordingly, a court hearing will be held to discharge your debts.

The decision to reach out for help with your debt is not one that's easy to make. You were raised to "do the right thing", but now it’s nearly unbearable. You struggle along while your creditors are turning up the heat. And now you’re at the point where the late fees, penalties and interest expense make it impossible to keep your head above water.

Ask yourself this. If you could eliminate your debt without permanently damaging your credit, why wouldn't you?

Avoid Bankruptcy

Debt Relief

Bankruptcy is not your only option! Our goal is to help you determine the right course of action for you to take. We will connect you with a debt settlement company today that will help you avoid filing for bankruptcy protection.

Are your finances spiraling out of control? Get the information you need today to stop harassing creditor’s phone calls. Total Debt Relief provides a matching service to connect you with pre-screened Debt Settlement Professionals. These debt management pros will educate you on all of the options available to you to get out of debt. Total Debt Relief helps you make the most informed decision possible so that you can get your financial life back on track.