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What Does It Mean To File For Bankruptcy

Bankruptcy has had a bad rap for way too long. It's often been looked at in a negative way, and those that have filed have had a red mark on their back for years because of it. Bankruptcy is not a bad thing, it should be looked at as a way to start over again and a way to learn from the mistakes you made in the past. Bankruptcy may have had to be filed for a number of reasons, some of them being out of your control, including the loss of a job, a divorce, or an unexpected medical issue. If you are in need of filing for bankruptcy, you may have a lot of questions. Read on for helpful information about what it means to file for bankruptcy.

How Do You File For Bankruptcy?

Bankruptcy is filed through the bankruptcy court system, usually with the help of a bankruptcy attorney. You can file your own bankruptcy, but if your paperwork is not entirely in order, or you are missing anything, you will need to file again and have to pay the bankruptcy court fee all over again. This is why it's best to file with the help of a bankruptcy attorney. You'll need to have all of your information filled out on the bankruptcy packet, including all of your debts and creditor information. You'll also need your tax information as well. This is all presented to the court, and you will need to be in appearance to answer questions if the trustee has any questions for you.

What Happens After It Is Filed?

After your bankruptcy is filed, depending on the type you filed, you may need to make payments to the bankruptcy court to pay back your debts, or you may not have to pay anything back for your debts. You need to follow the instructions given by the bankruptcy court, and the creditors have to follow instructions as well, as they are not allowed to contact you about your debts. Some bankruptcies may take only a few months, while others may take up to 7 years to be discharged. Once your bankruptcy is discharged, your creditors cannot come after you for these old debts.

If you are having financial issues and are not able to get out from under the burdens of all of your debts, you may want to consider filing for bankruptcy. Make an appointment today with a bankruptcy attorney and get out of debt.