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Learning About The Process Of Filing Bankruptcy

Last year I had some financial difficulties and I couldn't pay off my debt. The uncertainty of my financial future was adding to my already stressful life. After months of worry, I finally decided to contact a bankruptcy attorney. After discussing my options with the attorney, I decided to file bankruptcy. My name is Kyle Diggler and if you're struggling with debt and considering bankruptcy, I'm here to help you. I'm not an expert, but I want to share my story and my experience of filing bankruptcy with others who are in a similar situation. As you read my blog, you'll learn all about the bankruptcy process so that you'll know what to expect. I'll also share some tips to help you start your life over financially. I hope that my blog answers all the questions you have about filing bankruptcy.

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Learning About The Process Of Filing Bankruptcy

What To Know Before Filing For Bankruptcy

by Evelyn Perkins

If you are having financial difficulties, getting back on track can seem impossible. There are a lot of reasons why you may end up in financial distress ranging from illness, loss of employment, to simply poor financial habits. Starting over may be the best option if you are unable to afford your debts. While bankruptcy is usually the last thing that you want to file for, it may be the best way for you to become financially stable once again. Here's what you should know before filing for bankruptcy.

The Types of Bankruptcy

The first thing that you should be aware of is that there are different types of bankruptcy. The one you end up filing for will be dependent on your current situation. If you are filing for bankruptcy as an individual, you will likely end up filing for Chapter 7 or Chapter 13 bankruptcy. With a Chapter 7 bankruptcy you will typically have to give up at least some of your property in order to discharge your debts. Chapter 13 bankruptcy on the other hand tends to be more of a restructuring of your current debts in order to make them more manageable. Chapter 11 bankruptcy is usually filed for by businesses, but individuals may file for Chapter 11 in certain situations.

You May Need A Lawyer

The process of filing for bankruptcy is complicated. Gathering your financial information and sorting through the paperwork can be a challenge. You may also struggle to determine which type of bankruptcy to file for. This is where a bankruptcy lawyer can help. A bankruptcy lawyer can help you determine the correct course of action and also increase the chances of your bankruptcy filing being approved. On average the cost of a bankruptcy lawyer is between $1,000 and $1,050.

The Process Takes Time

Another thing to consider when filing for bankruptcy is that it can take some time before the proceedings are finished and your debts discharged or restructured. Chapter 7 bankruptcies are typically the fastest, taking only three to four months. Chapter 11 and Chapter 13 bankruptcies typically take longer. There are a few things that you can do to ensure that your bankruptcy is finished as soon as possible. Hiring a bankruptcy lawyer can help speed this process along.

If you are filing for bankruptcy, know that there are a few things that you can do. A  bankruptcy lawyer can help you navigate this often confusing process. It's also important to know that the entire process can take months and sometimes even longer. A bankruptcy lawyer can help ensure that this process is finished as soon as possible.  

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