So... Your filing for Bankruptcy.

Ok so you are thinking about filing for bankruptcy . This is going to be a quick overview I am going to guess that you dug yourself a big hole of debt you can't get out of. Maybe you lost your job. Maybe your just irresponsible but that's all in the past now. So you’re wondering what's the first step? Well I am going to suggest you hire a lawyer. This will make the process a whole lot easier. They will do all the leg work. Though i was told you don't need one to file, all that paper work is a real pain to fill out and run around to court and stuff. Next, you are going to decide which bankruptcy you are filing for. I am assuming this is personal. the most common are Chapter 7 or Chapter 11. I will explain these at a later time. Next you will have to figure out WHO you owe. This can be done easily by running your credit report. You want to know who is impacting your credit report and who you are essentially going to eliminate from coming after you for money. You can run one of these a year for free. Also if you’re using a lawyer they most of the time do it for you and just ask you to validate that those are the people you owe. Last there will be one court date that you will have to attend. This is just a guy asking you questions putting you on the record that you’re not lying. Some of the other things to know. You can only file against unsecured debt. This means debt (like credit cards) that there is nothing secured. Secured debt would be for example your car. You don’t pay they take the car. Your house is the security for you mortgage. Also taxes are not dismissed through this. There are a few things that are sure in life, death and taxes. The government always gets paid. That’s just the way it is so if there is a tax lien against your paycheck, it won’t usually disappear until you paid Uncle Sam. Well, that’s the quick version of what to expect. I will write more later about Filing for Bankruptcy. Just keep in mind i am talking about experience in New York State.
-Tony

Welcome to Filing for Bankruptcy

Welcome to Filing for Bankruptcy, this is a blog dedicated to helping people file for bankruptcy. I just recently completed my bankruptcy and figure i would share the experience of what to do with all you fine people. It's pretty easy and can save yo a lot of head aches. It's not as bad as you think and i will show you that.