LINKS

"
THE LOWEST RATES...
MOST BUSINESS TYPES...
WE SAY YES WHEN
OTHERS SAY NO...
7 DAY APPROVAL...
NO HIDDEN FEES...

"

 
 
1.800.393.3230
 
 


   

EASY STEPS TO FILE FOR BANKRUPTCY

You have huge debts and feel that your finances are crumbling. There are several ways to get out of it and the last one to choose is “Bankruptcy”. But, before you consider this option, it is better to make sure that all your other options are exhausted. The reason for this is: if you file for bankruptcy then your credit report is scared for the next seven years. But, the brighter side of this process is that you get some financial space to breadth. You can use this space to jump right back in to action provided you don’t make the repeat mistakes.

If you have exhausted all your resources and filing for bankruptcy is your only option now, then you need to know the options that are available to you now. Bankruptcy is divided in to two types. The first one is “Chapter 7” also referred to as Liquidation Bankruptcy and the second one is “Chapter 13”, also known as “Scheduled Repayment Plan”. But, filing for bankruptcy under chapter 7 has become very hard because you have to pass the means test. This test finds all the resources you have to determine whether you are eligible or not to apply for bankruptcy under this chapter. If they find that you have some means of repaying any part of the debt they you will be forced to file for bankruptcy under chapter 13.

It is a wise option for you to hire a lawyer. Do some research and go for a reputed law firm, where you can contact your lawyer directly. He should have knowledge in these matters and should also be willing to help you. Arrange a meeting with him and brief him about your situation. Then, show him all the necessary documents and the aspects of filing. This will help you to choose the right chapter.

Inform your lawyer if your creditors continue to harass you and your family. Your creditors will be forced to hold a meeting with your lawyer and it is called “341 Meeting”. This will ensure that you will not receive any more harassment calls from your creditors and to make your creditors understand the terms and conditions of your bankruptcy. Your debt and your assets are calculated for the bankruptcy proceedings. If you file for bankruptcy under Chapter 7 then all your assets are liquidated by the court and the funds got is used to repay your debt. But, if you file for bankruptcy under Chapter 13, then you negotiate a repayment plan which may vary from 3 to 5 years during which time you will repay your creditors. You will not have to repay your actual debt as during the negotiation your creditors would have reduced your debt. You get discharged after sixty days after meeting with your creditors called the “341 meeting”, which means that you are not obliged to pay for your debt, anymore.

The effect of bankruptcy on your credit report is terrible. It will shave off 200 points from your report. Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.