How to File for Bankruptcy

In the year 2010, a combined 1,596,355 people and businesses filed for bankruptcy in the United States. Bankruptcy can be a great option for people who are facing financial difficulties and can no longer make payments on their debts. Many people hesitate to file for bankruptcy because they do not fully understand how it works and how it can benefit them.

There are usually two types of bankruptcy that individuals file for. Chapter 7 bankruptcy is the most popular because it results in many debts being discharged, or eliminated altogether. Individuals can also file for Chapter 13 bankruptcy. This chapter lets individuals create a repayment plan so they can pay off their debts to creditors.

How to File For Bankruptcy

Filing for bankruptcy can be an extremely difficult and confusing process, making it important to contact an experienced bankruptcy lawyer for assistance. When filing for bankruptcy, you should:

• Research and pick a lawyer to represent you
• Start referring all of your creditors to your lawyer so he or she can answer questions for you
• File a bankruptcy petition, or, have your lawyer file for you
• Meet with your creditors, lawyer, and bankruptcy trustee (if one is appointed)

The bankruptcy trustee will then determine what assets can be liquidated and which are protected (if you file for Chapter 7). If you are filing for Chapter 13 bankruptcy, you will create a repayment plan that will allow you to repay your creditors, usually over a period of three to five years.

Creditors will have a 60-day period after the meeting to respond to any discharged debts if you are filing for Chapter 7 bankruptcy.

Contact Us

If you are in need of a qualified bankruptcy attorney to represent you, or if you have questions about the bankruptcy process, contact the Arizona bankruptcy lawyers of the Harmon Law Office, LLC, today at 480-829-0494.