Category Archives: Bankruptcy

Obtaining Information on How to Claim Bankruptcy

Posted on by
Reply

People in financial distress might be looking for information on how to claim bankruptcy. The process of filing for bankruptcy is one which the courts allow individuals to do without legal representation. The forms for filing this type of case, can be found through the official government websites for each state. People who do choose to hire an attorney to represent them in claiming bankruptcy, will usually need to pay a retainer up front and make the rest of the payments before the final judgment. The initial consultation with the attorney will include filling out the basic forms.

The most important form used in declaring bankruptcy will be the one where the individual lists their assets and debts. This form needs to include as much information as possible because it is used to determine whether or not the individual qualifies to file different types of bankruptcy. Most people are looking to completely erase all of their outstanding debts, which requires their current income to be much less than what their debts total. If the amount is within a manageable range, the claim could be filed to reduce or consolidate the existing debts rather than erase them.

An attorney can also answer any questions about how to claim bankruptcy people might have before actually deciding to go ahead and file. There are a few little known exceptions to what people can have erased or reduced. When claiming bankruptcy, any student loans a person has which are still outstanding, cannot be dismissed. If the person needs to have these payments changed or put on hold for a while, they need to contact the lending institution to make the necessary arrangements. People can have student loans deferred for as long as one year. Other payments people usually do not have dismissed include those for their cars and homes.

The author has spent a lot of time learning about how to claim bankruptcy and other related topics. Read more about claiming bankruptcy at the author’s website.

How Long Does It Take To Declare Bankruptcy

Posted on by
Reply

Are you struggling to pay off high interest loans or other financial obligations? Do you dread opening your mail every day because of the nasty letters you get from creditors? If you’ve answered yes to either of these questions then you’ve likely also considered the possibility of going bankrupt. Perhaps you’ve tried some of the more traditional approaches to financial repairs, but have been unsuccessful with them, or maybe your current financial situation warrants swift action. Whatever the reason, the personal bankruptcy process was created for troubled borrowers that have exhausted all the options; it’s made for people that have nowhere else to turn.

Although bankruptcy is one of the more common options for debt relief, most people don’t have a clue about how the process works. Common questions include, “how much does it cost to file” and “how long does it take to declare bankruptcy?” Let’s take these questions one at a time –

1.    How Much Does It Cost To Claim Bankruptcy? – The amount you pay for your claim will be strongly influenced by whether or not you choose to seek assistance. Although you can certainly file on your own, hiring a bankruptcy attorney or bankruptcy petition preparer (BPP) will increase your costs rather dramatically. That being said, filing alone will cost you several hundred dollars, and while this may not seem like a huge amount, it can be difficult for those that already find themselves in financial turmoil.

2.    How Long Does It Take To Declare Bankruptcy? – Again, this will depend on whether you choose to file alone or whether you seek assistance. Filing your claim on your own will certainly require more time, as you will be the person that has to compile and prepare the required documents. Hiring an attorney or BPP can speed up the process significantly, though these services don’t come for free.

As you can see, there are many things to consider when filing a bankruptcy claim. Because of the time, money and potential consequences involved in filing a claim, it’s best that you seek financial assistance before moving forward. Speaking to a reputable debt relief consultant will provide you with the perspective you need to make an informed decision about your future.