Filing bankruptcy offers relief for people that are experiencing difficult financial circumstances. Millions of Americans have already taken advantage of the bankruptcy code to avoid losing everything when they have run into their own fiscal cliff due to unforeseen circumstances such as a job loss or medical illness. Bankruptcy was designed to give debtors a new beginning allowing them to start over again with little or no debt.
With so many Americans struggling financially these days there are many debtors that are almost too broke to file bankruptcy. Individuals in this situation can look no further than their own computer for help. There are a number of online bankruptcy services that offer help to people who need to file bankruptcy but cannot afford the services of a bankruptcy attorney. This also appeals to individuals that are pretty computer savvy and feel that they have a fairly simple straightforward case. An advantage of filing online is that the debtor saves time and money and can do the majority of the case from the comfort of their own home. The debtor will have to physically go to the bankruptcy courthouse twice during the bankruptcy case. The first time is to file the bankruptcy petition, and the second time is for the 341 meeting, or creditors meeting. From beginning to end the case should take about 3 to 6 months and the debtor can then enjoy financial freedom.
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The process begins when the individual makes the decision that they need to file bankruptcy and looks to the Internet for the answers.
Step 1- Research several different online bankruptcy services. Check with consumer protection groups and online reviews to ensure that the company is reputable. Compare the level of service that each offers before deciding on a bankruptcy service.
Step 2- Gather all of the information needed to submit to the bankruptcy service so that they can use it to accurately prepare the bankruptcy petition. The debtor will be asked to submit a complete list of all of their creditors with the approximate amounts owed. List all assets and property owned. Fill out an income and expenses form. Also the debtor will need to submit proof of income in the form of pay stubs, bank statements, and tax returns. This sounds time consuming but in reality goes fairly quickly especially if the debtor is organized. All of this information is put into the computer program the bankruptcy service provides and copies of tax returns, etc. can be emailed to the bankruptcy service so that the process actually is quite efficient.
Step 3- Once all of the required information is submitted the bankruptcy service prepares the bankruptcy petition and sends it to the debtor. The debtor signs the petition once they receive it and takes it to their local bankruptcy court to file. The service will instruct the debtor where to file and any other pertinent information they will need to file bankruptcy.
Step 4- The debtor attends the meeting of creditors. The date for the meeting of creditors was given to the debtor at the time of filing when the automatic stay was also put in place. The debtor meets with the bankruptcy trustee who will ask the debtor a few simple questions in regards to their petition. The meeting lasts about 10 minutes. It is very rare that any creditors ever attend this meeting unless they suspect fraud on the part of the debtor. Other than that it is really a means to go over your case and document it with the court.
Step 5- Wait for the bankruptcy discharge to arrive in the mail about 6 weeks later. After that the debtor can breathe a sigh of relief and enjoy living debt free.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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