How Do I file Bankruptcy?

Question

How do I do this. I am 24 and I used to have a great credit score. all in one day I lost my job, and I had just moved out on my own. SO for about 2 years I am trying to get the credits to stop calling me and explain to them if I had the money I would pay them and wouldnt be in debt in the first place. I am always on time and monthly with my insurance, car payment, rent and utilities. I feel like these are most important. But Im scared I am gonna go to Jail or something :( I cant afford to get my wages garnished either. And I tried to consolidate but alot of them wont take it and The ones that will I pay out about $350 a month for 3 bills and I cant afford it anymore!! I dont want bad credit but i always feel so stress out.. I owe about $10,000 in Credit Card Debt. ANother $1000 to veriaon bill and about $600 to the hospital.
Again my car is always on time and that I only owe about $2800. But i will never be able to make enough to satisfy all my creditors.

But that is ontop of all my other bills so lets say Im about 15,000 in debt. I forgot to mention I owe the bank another $750 to for my checking account. HELP!!

Answer 1

Let me preface by saying that it is strongly encouraged that you do whatever is possible to try to avoid it, but if you see no way out:

Simply contact an attorney who specializes in bankruptcy cases. Your yellow pages are full of them. Set up an appointment. An attorney will tell you how it works. They will take care of most of work for you for a fee. The fee will be payable through monthly payments. Most of what you'll have to do is simply provide a list of your creditors, and a list of your assets. The paralegal will tell you when they'll need the info.

The great thing is, once you enlist the services of an attorney, you can direct all creditors' calls to your attorney's office, getting a monkey off your back. The overall fee is somewhat steep, but it's worth it if it means retrieving your sanity and getting a fresh start. The monthly payments should be affordable, since you'll stop paying creditors.

You'll eventually go to bankruptcy court, most likely just once, for a hearing. If your attorney has his or her stuff together, you will be granted a final decree and discharge after a short interview and sworn statements.

Some people might try to encourage you to file without an attorney, but I don't think that's a good idea. The process is complicated and tedious enough to leave the work to folks who know what they're doing.

Answer 2

Cantact a Collections Lawyer and explain to him the situation. They pull up ur credit score and they advise you the best option to go with. I recently had to file because of a bogus lawsuit that i had. Debt Consolidation is awful... they show up on your credit report also and last just as long as filing for bankruptcy. Be prepared to pay about 1300 dollars depending on ur salary. Chapter 7 or Chapter 13

Answer 3

You should make two phone calls. the first should be to a credit counceling agency, they may be able to set up a repayment plan with lower interest rates and help to save your credit.
If they say they cannot help you then you should choose a bankruptcy attorney out of the phone book. It costs about $400 to file. You should be able to keep your car as long as you keep the payment on it current. Good luck, in this economy many good people have had to file bankruptcy.

Answer 4

It depends on where abouts in the world you are, every country has it's own insolvency rules. I'm currently bankrupt but I live in the UK. If your using the $ sign I'm assuming you're in the US or Canada.

To get the right help for your own circumstances I'd start at the Wikipedia list under bankruptcy at http://www.bankruptcyservices.co.uk/wiki.html

Answer 5

get a second or even third part time job
good luck

Answer 6

ok the first thing you do is get a bankruptcy lawyer!!!!