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Bills Be Gone
Though bankruptcy may seem like the end of the world, and a heavy embarrassment, but it doesn't have to be. You just need to think long and hard about your reasons for bankruptcy and if bankruptcy is your only option, and if not if it's a good options.
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The thing to
keep in mind as you consider bankruptcy is that it will affect your
credit rating and stay on your credit record for as many as ten years.
Of course, the fact is that if bankrupcy is something you're having to
consider you may already have bad credit. Rather than bankruptcy
staining your credit record, it could, in fact, be a change for a
fresh financial and credit start.
There's a new U.S. federal bankruptcy law on the books as of October
17, 2005, which says that someone considering bankruptcy must first go
to a credit counselor within 6 months of the bankruptcy application
and study the alternatives to bankruptcy.
For individuals there are two types of bankruptcy from which to
choose. They are chapters seven and thirteen. Chapter 7, however, has
several restrictions and proof requirements thanks to the new
Bankruptcy Abuse Prevention and Consumer Protection Act.
Weigh your bankruptcy options carefully and comparison shop for legal
assistance. You don't have to have a lawyer to file, or you might hire
a paralegal instead of going it alone. Fees for bankruptcy filings
vary considerably. Some attorneys will ask you to pay a flat fee,
while others charge according to your total debt. Sometimes you'll be
asked to pay up front, although some lawyers will let you work out an
installment.
Once you retain a lawyer do not communicate with any more creditors
except to advise them to call your bankruptcy attorney.
Source:
http://wiki.ehow.com/File-Bankruptcy
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