How to File For Bankruptcy [mortgageinsuranceguide.blogspot.com]
Question by Amber: What happens when you file bankruptcy nowadays? I hear it is very hard to file for the type of bankruptcy where they abolish all of your debt. However, what about the type of bankruptcy where you pay back some of your debt? If you file this type of bankruptcy, will you definitely get accepted, even if you make a high income? How much of your debt do they make you pay back and in what timeframe? How much does it cost to file for bankrutpcy nowadays? Do you have to pay a lawyer up front? Does a lawyer guarantee you will be accepted for filing bankruptcy? THANKS! Best answer for What happens when you file bankruptcy nowadays?:
Answer by kate
All depends on your debt levels and income . No way for us to tell , but generally if your debts exceed your income , you are considered bankrupt . They now mandate money management classes so people do NOT get into excess debt again . Google bankruptcy on the web and look for Nolo press . >
Answer by Lesley
Actually, a bankruptcy that wipes out all your debt is not much harder than before, it just requires much more documentation and there is an income "threshold" (it's a bit of a sliding scale depending on a variety of factors). If you make below the median income you can definitely file said bankruptcy (known as a chapter 7). Chapter 13, the type where you pay back some of the debt, is what you have to do if you have a high income and need to file bankruptcy. It is possible to have to pay back 100% of your debt if you really make a lot of money, so much that your disposable income for the next 60 months would be sufficient to pay off all of your debt. You only get accepted assuming you comply with every rule and requirement. You have to attend the first meeting of creditors, provide the trustee with the last 60 days of paystubs (your attorney will want the last 6 months), the last 4 years of tax returns (or transcripts of your return), and list all your assets and debts. By the way Child Support, Maintenance, Taxes, Student loans etc are not dischargeable. The percentage of debt you have to pay back really depends on the equity you have in your assets and your disposable income so there is no clear cut answer without knowing anything else about your situation. You pay it back in 60 months if you are required to file a 13 instead of a 7. The cost for bankruptcy varies by jurisdiction so I can't answer that for you. For a chapter 13, most attorneys will require a partial payment up front and the rest to be paid through the plan, though some require full payment. For a chapter 7 payment is always up front. A lawyer can't guarantee your bankruptcy will receive a discharge. Especially not in a chapter 13 where a myriad of things can go wrong. If you ever get to the point you can't make payments, your Chapter 13 can be dismissed (though if you are proactive and your circumstances have changed, you should be able to successfully convert to a chapter 7), so no, the attorney will not and cannot guarantee results. Also in both types of bankruptcy, you have to complete a credit counselling class prior to filing and a debtor education class after. You have to use those approved by the US Trustee in your jurisdiction, which you can access at http://www.usdoj.gov/ust/.
Answer by mike111987
Well, it destroys your credit. But not only that, but it makes it almost impossible for you to buy/fiance anything for about 7 years. I hope this helps.......
Are you considering bankruptcy? Are you finding it hard to afford a lawyer to help you file for bankruptcy? You can file for bankruptcy for around $ 100 depending on your state, if you do it on your own. It really is not that difficult either. Here is how to file for bankruptcy on your own.
You have a couple of options here. The first option is to go down to your local court and ask them which forms you need to use. They will be able to tell you or even give you the forms you need. The great thing about government forms is they always come with instructions on how to do it. This means all you have to do is follow the instructions.
Another option is to go down to your local library and search for bankruptcy filing information. There are a couple of books that can help you file for bankruptcy that you can check out and follow as a plan.
The last option is to search for bankruptcy packages online. For about $ 50 you can buy a downloadable package that will have all the forms you need for bankruptcy filing and it will also have instructions on to help you out as well.
These are three very easy ways to file your bankruptcy without using an expensive lawyer. By investing a little time and doing some research you can avoid spending over $ 1,000 on a bankruptcy. After all if you need to know how to file for bankruptcy you probably cannot afford $ 1,000 for a lawyer. Find More How to File For Bankruptcy Issues
