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I need to file for bankrupcy, can anyone tell me how?

Also is it 10 years it affects your credit? I live in CA and I thought about going to a lawyer but it costs money. Is their a safe website I can go to or is going to a lawyer a better thing for me?

Answer Question

Asked by Anonymous at 9:51 PM on Feb. 3, 2009 in Money & Work

Answers (8)
  • Best to contact a lawyer,since you want to make sure to protect any property,bank accounts and so on from collectors wanting thier money/property.
    If done not right it could affect you for a long time so it's a small price to pay for it to be done right.

    Answer by Baby1114 at 9:54 PM on Feb. 3, 2009

  • its usually 7 years that it stays on your credit report. i would def go to a lawyer. i had to file several years ago and i had no idea how to go about it. the lawyer walked me through step by step. it was def worth the money!!

    Answer by travzmom at 9:58 PM on Feb. 3, 2009

  • The lawyer is worth the money in the long me! There is a lot of paperwork involved and if it's not done properly it can end up costing you even more and result in not having the bankruptcy discharged. Most lawyer inital consultation is free and the will take payment for their retainer.

    It will remain on your credit report 7-10 will vary between the three major credit bureaus.

    Answer by Anonymous at 10:05 PM on Feb. 3, 2009

  • Definitely retain an attorney. Even though money is tight, it will be money well spent. Once you file, an automatic stay will come into effect. This will stop harrassing phone calls and collection attempts. There are different chapters of bankruptcy you can file, so if you have a home and want to keep it, you can reaffirm the debt. Derogatory credit stays on a credit report for 7 - 10 years and then falls off. However, a good lender can see the date your credit file opened and look at your current accounts for opening dates, activity, etc. and find the gap in history. So, my best advice is after you file do not use revolving accounts (credit cards) and make all future payments on time. It will generally take about 2 years of re-established installment (house, car) payment history to bring your credit score and history back to where you can get a good rate on a conventional bank loan. Good luck!

    Answer by Jakesmom623 at 10:13 PM on Feb. 3, 2009

  • Your best bet would be to hie a lawyer. I am using a lawyer right now. I am filing Chapter 13 and it is costing me a lot of money but I know it's worth it.

    Answer by Anonymous at 10:27 PM on Feb. 3, 2009

  • you should hire a lawyer. If you do it yourself and it gets messed up, you could end up having to spend MORE money. Just let a lawyer do it and get it right the first time. I worked for a bankruptcy atty. and we had a to fix so many cases that people tried filing themselves.

    Answer by heatherann0221 at 1:15 AM on Feb. 4, 2009

  • We are going through a bankruptcy right now, and I will say most lawyers will meet for a free consultation, and would be happy to answer any questions you have. I hope this helps, and it does reflect on your credit for 7 years. After your questions are answered, you will want to pay a lawyer. This is one way to delay your process, they will make sure everything is going to go smoothly, well worth the time and money to not have to refile due to an error! Good luck!

    Answer by Anonymous at 8:58 AM on Feb. 4, 2009

  • Thank you so much ladies, i will go to a lawyer as soon as I have time.

    Answer by Anonymous at 10:34 PM on Feb. 4, 2009

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