If you are finding it impossible to meet your financial obligations, one possible solution is to file for bankruptcy. The thought of filing for bankruptcy may make you feel ashamed. However, sometimes in life, there are things that are beyond our control. Bankruptcy laws were put into place for your protection. Many individuals and small and large corporations use this financial remedy. So don't feel bad if that is your only option.
Filing for bankruptcy by your self is possible, but not recommended. Hire a bankruptcy lawyer to help you through the complicated process and to deal with your creditors. There are many laws that are specific to each state. Hiring a Bankruptcy lawyer, familiar with the nuances of the particular state law where you live, will help you have the best possible outcome.
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First, you need to determine whether you should file a Chapter 7, which is a total liquidation of your debt, or Chapter 13, which involves reorganizing and paying portions of your debt. If you want to free yourself from all of your debt with the chapter 7, you must first pass the "Means Test," which shows the court whether you really do not have the "means" to pay your debt.
Just as with taxes, there are allowable deductions in various categories of expense and many loopholes to know about. The results of the test will show what your disposable income is after all of your expenses. If it falls within a certain range, it will be considered that your filing for bankruptcy is not abusive. If your disposable income is too high, then the "presumption arises" that it is abusive.
The next step is to file a "Petition in Bankruptcy" with the Bankruptcy Division of the U. S. District Court, and pay the required filing fee of around $300. The document is very comprehensive and can be hundreds of pages. This is another reason why it is highly recommended to obtain the services of a qualified attorney that knows how to file bankruptcy.
Once the court approves your petition, your creditors will be notified by the Court advising that your filing for bankruptcy and a "Meeting of Creditors" will be scheduled. Your creditors can then come to the meeting, question you about your debt and assets, and then object to your bankruptcy filing, if they want. Usually this is the only meeting you will have with them.
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