Perhaps you are at a point in your life where you feel there is no way out of the mess you are in... Creditors are calling you at work, at home and on your cell phone. If you are feeling this way then an option may be filing for bankruptcy. There are two kinds of bankruptcies. One is called a Chapter 13, which reorganizes your debt, cuts interest rates drastically and sets you up on a pay schedule that you can handle. The other type of bankruptcy is a Chapter 7, this filing discharges most, if not all of your debt.
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The first thing you need to do is get all of your bills together. Mortgage, car payments, credit cards, medical bills and any loans you may have. Then, search the Internet for a lawyer, or even better ask around since someone you know well may have used a bankruptcy lawyer and may be able to refer you to them. Once you set up an appointment with the lawyer, they will want a list of all of your creditors and how much you owe. Together, you will decide what type of bankruptcy is best for you. There will be fees that you have to pay, but in the case of a Chapter 13, most of the lawyers' fees may be added into this total amount of debt repayment.
It may be possible that you may choose to file a Chapter 13, make your payments for some time and then find out you are unable to continue to do so. The lawyer can then restructure your filing to a Chapter 7 and your debt will be discharged. Keep in mind that either of these types of bankruptcies do go on your credit and will stay on it for approximately 10 years. You will be able to make large purchases such as a home or a car, although, you most likely will have to pay a higher percentage rate than normal.
Finally, if you file a Chapter 13 bankruptcy, you will have to go to court with your lawyer. This is fairly painless, but be advised that your creditors are allowed to come to these proceedings. Your lawyer will take care of all of the paperwork that has to be turned in and he will work with you as long as he needs to even after the filings are completed. If you have a creditor that continues to call and badger you, remember to refer them to your lawyer. Make sure you keep your discharge papers in a place you can always find them.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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