If debt is making it difficult for you to breathe, it's time to take steps to resolve the situation. Creditors will continue to call and harass you until you take the appropriate steps. Now's the time to consider bankruptcy. Here is some information that will help you through the process.
Consider Your Options
You may be deeply in debt, but you still have options available to you. When the harassing phone calls begin, it can be difficult to think past the stress of the moment. However, it's important to consider all your options. If you only behind on a few bills, contact your creditors to make payment arrangements. Most creditors will work with you, as long as they know that you're serious about repayment. If you're behind on all your bills, including mortgage and car payments. Chapter 7 bankruptcy may be your only option. If that's the case, it's time to get help.
Seek Bankruptcy Assistance
If bankruptcy is looming large in your future, you're going to need legal assistance to get you through the process. Mistakes along the way can destroy your chances of obtaining bankruptcy protection. That's where Chapter 7 bankruptcy filing assistance becomes a major benefit for you. If you can't afford a bankruptcy attorney, contact the legal aid department of your local courthouse. They can help locate services that are available to you.
Notify Your Co-Signers
If you plan to file for chapter 7 bankruptcy, and you had co-signers on some of your accounts, you need to make contact with those co-signers. There are steps you'll need to take to protect them from the bankruptcy proceedings. In some cases, your co-signers will be held liable for some or all of the repayments on the debt that you're attempting to discharge. An attorney can help you protect your co-signers during your bankruptcy.
Understand What Will Happen
Filing for bankruptcy protection can be quite lengthy. The process begins with your initial consultation with your attorney. During the consultation, your attorney will gather all the information they need to begin the process. Once you've met with your attorney, you'll need to gather documentation for all your debt, including the debt that you don't want to have discharged through bankruptcy. Your attorney will then file the bankruptcy papers and make contact with your creditors. From that point, your creditors will no longer be allowed to attempt collection. The final step will be the discharge, which is when your debt will be forgiven.