If you recently experienced major financial problems, it might be a good idea to consider filing for bankruptcy. If you are seriously considering filing for personal bankruptcy, then you should at least know what the steps are for filing personal bankruptcy and getting fast relief from your financial troubles.
The first thing you have to do is to organize all your personal financial information. They would include all your secured and unsecured debts, deeds to your real estate properties, tax returns, car titles and other documents that might be relevant to your finances. For more convenience, you can get your full credit report.
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After making sure you have all the important financial documents with you, you will have to complete personal bankruptcy forms. The forms will actually describe your present financial situation and most recent transactions. At this point, you can hire Arizona bankruptcy lawyers or Phoenix bankruptcy lawyers to make sure you answered each question on the form correctly and decide on which type of personal bankruptcy to file, a Chapter 7 bankruptcy or Chapter 13 bankruptcy.
A Chapter 7 bankruptcy will leave you with no assets but all your debt will be wiped out. On the other hand, if you file for a Chapter 13 bankruptcy, you get to keep all your exempted assets and pay your creditors within a period of 3 to 5 years under the supervision of the bankruptcy court.
If you want to file for a Chapter 13 bankruptcy, you will have to submit a repayment plan proposal together with your petition. You will have to pay a filing fee: $200 for a Chapter 7 bankruptcy and $185 for a Chapter 13 bankruptcy. Once the personal bankruptcy petition is filed, all your creditors are prohibited from contacting you and staking claims to your assets. One month after, you and your Arizona bankruptcy lawyers or Phoenix bankruptcy lawyers will be summoned for a meeting with your creditors to negotiate and answer questions. A compromise should be reached and if not, the bankruptcy judge will likely to mediate. If an agreement is reached, you should expect a notice from the bankruptcy court after four to six months, discharging the personal bankruptcy.
Completion of a personal bankruptcy will give you a chance to begin with a clean slate. You can start re-building your life, making sure that you have learned from such an experience.
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