quick question-how does one file for bankruptcy?

[Adenoid_Hynkel]

what's the first step?

i'm trying to figure an article in my paper out

[Freedom_from_Chains]

1. Going to an attorney

Seriously, the first step is figuring up all of your assetts and liabilities and seeing where you stand.

[Lydia Leftcoast]

2. Look in the yellow pages under Attorneys--Bankruptcy

One caution: Since all outstanding debts are cancelled if you are granted bankruptcy, your attorney will request payment upfront, since otherwise your debt to your attorney will also be cancelled.

Too bad the time is so short, but when I did it several years ago, in the early days of my business, the attorney agreed to handle creditors' calls for a $100 downpayment, and then did the paperwork and accompanied me to the court appearance for the additional $800.

I spent the time filling out the paperwork required. You have to account for every dime of assets that you own and list all your outstanding debts. Taxes and student loans are not forgivable.

[frankly_fedup2]

3. If you need any help on the reality of bankruptcy from a person who has

been through it due to illness, then loss of job, and now on disability, let me know. It's a friggin nightmare and total humiliation when you have always worked, paid your bills, and had perfect credit. Plus, to file costs $750.00. Doesn't quite make sense, huh?????

Also, I'm sure there are others on her who have their stories to tell as well.

[shanti]

4. it's not all 750

it varies from state to state. also, paralegals can file the paperwork, if it's not too complicate. costs less too. the op better hurry - time is running short.

[frankly_fedup2]

7. That's for sure. Doesn't the law change in November? (nt) Also,

the guy that filed our papers wasn't a lawyer yet. He was studying for the bar when he filed the papers. Would that make him a paralegal?

[Lars39]

8. The law goes into effect Oct 17,

and most lawyers aren't taking new clients after Oct 1st.

[frankly_fedup2]

10. But this wouldn't apply to coorporate bankruptcy, right? (nt)

[Lars39]

11. Sorry, don't know.

[sceptical]

5. Bankruptcy

What does the article say that's giving you trouble?

[NJCher]

6. you can file for free

and it's federal, so no state rules apply.

At some point they want you to pay, though, and if you agree to pay the fee and don't, they'll throw out your application.

This info from someone who has had a person declare bankruptcy on them.




Cher

[RebelOne]

9. Filed a Chapter 7 back in 1989.

My lawyer only charged me $400 at that time. I had to declare all debts and assets. Do not declare any credit cards or accounts that have no balances, as you are allowed to keep them. You have to declare your house and car, but you are also allowed to keep them. You just have to reconfirm your car and house.