How To File For Bankruptcy: Find Out What's
By: John Stuart Smith|LRL Writer
Extension of credit is essential to the viability of the economy and is what
stimulates commerce and business expansion. In a world without credit, most businesses would not be able to
pay workers, fund capital projects, or expand operations. Such a world would be one of a stagnant financial
environment. As important as credit is, borrowers may over extend themselves and unable to meet their
financial obligations. If you or your business is suffering from financial trouble and you want to know more
information on how to file for bankruptcy, then keep reading.
The first task at hand is for you to make a list of all the financial institutions,
whether banks or other money lenders, whom you owe money to along with the amount of debt. When you reach the stage
when you have to file for bankruptcy, having documentation for all your creditors is a requisite for a smooth,
The next step is to list all assets you currently have. Any properties, land, automobiles,
stocks and bonds you might have should be declared. Be honest in declaring your assets. If the court or your
creditors suspect you are hiding some assets, you may find yourself in bigger trouble than you are currently
Next, contact the three credit bureaus and ask them to send you your credit report. You
can get this free of charge from the credit bureaus. The law permits one free report per year for each person. You
need your credit report to verify the list you made of all your creditors. Also, you might want to double check
your receipts and to investigate if there are errors or discrepancies in your credit report.
Moreover, an attorney can help educate you on how to file for
bankruptcy. The task of looking for a lawyer who will best represent your case maybe a challenge all
by itself. You need to find a lawyer that is reliable and whom you are at ease with. You need a trustworthy partner
in dealing with this kind of sensitive case, who understands your concerns, and can adequately and competently
represent your best interests.
There are also three different forms of bankruptcies: Chapter 7, Chapter 11, and Chapter
13. Each form of bankruptcy is different, and not everyone is qualified for each. Your attorney will be able to
advise you on which one is appropriate for your situation.
Chapter 13 Bankruptcy FAQ
Chapter 7 Bankruptcy FAQ
13 Bankruptcy Rules: What You Should
Know Before Filing
Chapter 7 Bankruptcy Information: Find Out If It's Your Best
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