In the process of filing for bankruptcy? You likely will have the following five questions to know what you should expect.
Who Can File For Bankruptcy?
Chapter 7 bankruptcy is designed for individuals. However, you can use Chapter 7 bankruptcy as either an individual or a couple filing together. This will help get rid of any debts that are owned by both parties, as well as debts owed by each of you as individuals.
Debt can put anyone in a sticky situation. Most want to be responsible for their debts and feel guilty about declaring bankruptcy. It can be difficult to know when the time is right for filing a chapter 7 bankruptcy, but waiting too long is not a good idea either. This is no time for speculation and guesses. Read on to find out what's at stake with your bankruptcy decision.
Seek Expert Guidance
While foreclosures are no longer happening at the rate they did during the recession, they still continue at a relatively steady pace. Caught between the banks or investors and the former owners, the home's tenants may have been paying their rent on time and in full only to find that their housing situation has been turned upside down. If you are a renter in just such a predicament, you need to see a lawyer such as James Alan Poe, P.
Once the big decision is made, you should take care with your financial affairs in the time leading up to your eventual filing. There are some big no no's that could end up causing your case to be dismissed, leaving you unable to get the debt relief you so desperately need. Read on to learn more about what you should not be doing before you declare chapter 7 bankruptcy.
Taking full advantage of those credit cards.
Individuals usually file under either Chapter 7 or Chapter 13 of the bankruptcy code. Chapter 7 is usually a short process and can be over within three to five months. Chapter 13, however, can take up to three to five years to get through the process. However, you're probably going to be bombarded with offers of credit card companies, loan companies, and auto salesman—all of whom are eager to help you on your way back up the credit ladder—starting with the day you first file your bankruptcy claim.