Are you drowning in a sea of credit card bills? Have you been left financially drained after a divorce? Are you afraid to answer the phone because it is probably a creditor on the other end of the phone line? Are you behind in your mortgage payments? Are you faced with a catastrophic illness? If you see yourself in one or more of the above scenarios, you may want to declare bankruptcy to get out from under. Before you do make the final decision to declare bankruptcy, however, you should give the matter some serious thought.
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If you declare personal bankruptcy, this is what you can expect:
1) Expect to be involved in a long process. You cannot declare bankruptcy one day and have your debts disappear the next. It will take several months from the day you first file until your debts are discharged.
2) Expect to hand over all your financial records going back several years in some cases. You must prove that you are unable to pay your debts and that you are not hiding assets. When you declare bankruptcy, you must show every single thing you owe and every single bit of income you have. This can be time-consuming.
3) Expect to go to a credit counseling class. These are now required.
4) Expect to pay some hefty fees. Even though everyone realizes that you can't afford much - or you wouldn't declare bankruptcy - there are still costs you will encounter. You will be expected to pay court fees and the fee for the credit counseling course and any charges associated with professional help.
5) Expect to need an experienced attorney. Even though you can declare bankruptcy on your own, getting an experienced and reliable attorney is the best move.
Expect to have to continue to pay some debts such as student loans, child support, and tax bills.
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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