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Come someone pls explain to me, step by step, what happens when you want to file for bankruptcy..

like, how does one apply, what all is involved..how long does it take..how much does it cost..etc..i need all the info i can get..from start to finish...thanks so much

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Anonymous

Asked by Anonymous at 12:24 AM on Mar. 8, 2011 in Money & Work

Answers (5)
  • pick a lawyer. he'll run a credit report and you'll need to provide copies of bills, outstanding loans, liens, garnishments, and so on, your lawyer will have 2-3 court dates min. and you'll likely need to only attend 1. the fee(s) depend alot on how much stuff you have, the complication level, etc. your lawyer will likely charge your filing fees (up front for sure) and then bill you either a flat fee or hourly....... likely depending on how much drama is involved in your case.

    you'll also need to take a course before you are even allowed to FILE. u have to pay for it (less than $100 generally) and you can do it online, and you get a certificate.
    hibbingmom

    Answer by hibbingmom at 12:30 AM on Mar. 8, 2011

  • It wasn't that hard for us but we didn't own anything except our truck (well, we were making payments on it and weren't behind with it at the time). We went with one of those large chain type places. Made an appt., saw the lawyer and he talked us through what would happen then we put a $100 retainer down for his services. It cost like $1500 total for filing and fees but that took us over a year to pay off but once we put the retainer down we stopped paying on our credit card bills. Once we paid off all the fees we went back to the lawyer, did the online pre-file class thing. After that it took a few months before we got a court date. We had to make sure we had recent copies of paystubs and stuff and anything else we wanted to add. Then we did the post-file class and went to court which took all of 15 minutes. We got to keep our car and all our stuff.
    justanotherjen

    Answer by justanotherjen at 12:44 AM on Mar. 8, 2011

  • You need a bankruptcy lawyer first. Call a bunch till you find the least expensive one.
    itsmesteph11

    Answer by itsmesteph11 at 9:26 AM on Mar. 8, 2011

  • So first, you'll want to find a good bankruptcy lawyer. When my husband and I were looking into filing, I just did an online search and chose to contact one that was close to our home and who seemed knowledgable. He also offered a free consultation, so I would look for a lawyer who will meet with you for free. He asked us a bunch of questions about our income and different debts (we just had to have ballpark numbers) to determine if bankruptcy was our best option and if we qualified for chapter 7 or 13. Chapter 7 wipes out all of your debts, but stays on your credit report longer. Chapter 13 works out a payment plan with your creditors. He said chapter 13 is really for people who make too much money for the court to wipe away the debt. Even if you do chapter 7, you can reaffirm on your car(s) and/or house if you are current in your payments and want to keep them. Running out of room - will continue.
    gratefulmom913

    Answer by gratefulmom913 at 5:34 PM on Mar. 8, 2011

  • At the free consultation, your lawyer should be able to answer all of your questions and give you info. on fees and how the process will work. If you decide to hire him/her then they'll give you a list of documents they need from you. As soon as you can get these documents and the fees, then your case can be filed. They can't file until you've paid. After you file, no one can contact you about your accounts. Even after you hire a lawyer, before you've filed, you can direct inquiries to your lawyer, so they stop harassing you. Once you file, it will be about 45 days until your case. Ours is coming up, but our lawyer said it's really just another hoop to jump through. Oh, and you do need to take a class (online or by phone) before your court case - ours was just $35. Some states, like ours, also require a class before you can file. Good luck - send me a PM if you want to talk. I know this is a rough thing to go through.
    gratefulmom913

    Answer by gratefulmom913 at 5:41 PM on Mar. 8, 2011

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