The easiest way to get out of debt is for you file for bankruptcy chapter 13. Sometimes, that's just the way the cookie crumbles and try as we might to deny it or pretend it's not there, that's sadly not going to make it go away. So here are easy to follow steps on how to get back on track, debt free and good as new.
Determine which case of bankruptcy case you are filing for. If you are ready for a straight bankruptcy meaning you can no longer pay for your basic needs and expenses, have got a roll of debts coming at you and no longer own property save for clothes and some furniture, this is for you. If you don't pass the means test as mandated by the law, you might have to opt for chapter 13.
Bankruptcy Chapter 13 is a repayment plan. It helps you to organize your financial woes so that you may not only get back on track but also be able to pay back your financial obligations while holding on to your possessions. It really is a marvelous alternative to losing everything you own and worked hard for.
Hire an attorney that you can be comfortable with. Sit down with the attorney and discuss and list all your assets and liabilities, your income and expenses, your financial affairs, your executory contracts and unexpired leases and exempt property. You will have to file these with the bankruptcy court along with your petition. Bankruptcy forms are available from the stationary store.
Pay your filing fees which cost approximately $155. Once you have filed your petition, the action is stayed. This means that your creditors can no longer run after you with demanding payment or make calls. If they do so, they are violating the law. Attend a mandatory credit counseling group from any one of your trustee approved counseling groups. Not doing so may result in waiving of your petition request.
File your plan of repayment either along with the petition or 15 days after. Attend the creditors meeting and answer as truthfully and honestly as you can, the whole meeting will be recorded and under oath.
Attend the confirmation hearing. This will determine if your repayment plan is feasible. And if any of your creditors will object to the plan. If everything goes well and your plan is approved, you can restart your life by making your payments. Get your life back and remember, do not overspend.
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Hopefully these steps will assist you with your Bankruptcy Chapter 13 claim.
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