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Knowing with certainty whether to file bankruptcy or wait can be frustrating and discouraging. If your debt is overwhelming but you're still able to make payments, you may want to consider an alternative. However If you're facing foreclosure, wage garnishment or repossession of your vehicle or are struggling to make your monthly payments, the time to file bankruptcy for you is now.
Bankruptcy is a federal court process designed to help consumers and businesses eliminate their debts or repay them under new terms approved and supervised by bankruptcy courts. Generally a bankruptcy can be described as "liquidation" or "reorganization."
Bankruptcy is not for everyone. Some consumers may be lead to believe that simply having a lot of debt may qualify them to file bankruptcy. That's not always the case. Only certain debts qualify and in order to determine this with certainty, filers must take the means test.
Filing bankruptcy carries with it the power of the "Automatic Stay". This is a court order that takes place immediately after you file your petition and its purpose is to stop all creditors from making any attempt to contact you or demand payments while your case is processed.
While it is most definitely possible to file bankruptcy alone, it's important that self-filers have a little more than average knowledge of the law and the process of filing bankruptcy, so they're petitions are not denied. Filing with a bankruptcy attorney is the most recommended approach.
Also known as liquidation bankruptcy, this chapter is typically for those with a lot of unsecured debt, such as credit cards, personal loans, medical debt etc. This chapter can not discharge every type of debt. Student loans, judgments and tax liens are such debts. Read more about Chapter 7 Bankruptcy.
Also known as reorganization of debts. Chapter 13 is sometimes an alternative when qualifying for chapter 7 is not possible. Under this chapter a filer has the opportunity to draft a new schedule for repaying their debts at much lower and manageable payments. Read more about Chapter 13 Bankruptcy.
Unlike debt consolidation, Bankruptcy truly protects consumers from creditors and debt collectors, allowing for a total discharge of eligible debts or reorganization of debts for much lower payments.
