Summary:
This article discusses the steps that can be expected when filing for Chapter 11. It outlines the documents that you will need to submit to the Federal Courts and what to expect at the hearing.

Details or Sample:
You have been pushed to the brink of economic ruin. Your future involves a view of remaining impoverished by debt far into the latter portions of your life. Everyday brings new financial bad news to your mailbox and telephone. You can feel the noose of financial bondage tightening around your life.

You need help. Short of a rich relative choosing to just pay you out of debt, bankruptcy looms as your only option. Because few people openly discuss their bankruptcy experiences, you are not sure how to proceed.

The first step toward filing for bankruptcy is to locate an attorney. Bankruptcy is not considered a difficult thing for a lawyer to handle. Many of them see bankruptcy as their bread and butter. The billing is good. The procedure is almost the same for everyone. The only trick is to find an attorney that you can somehow afford to pay for the service. Bankruptcy can cost anywhere from $500 to more than $2,000.

You will need this money up front. Shop for the cheapest lawyer in your area with a reasonable reputation. The complexity of your filing will affect the cost a little. For most filings, attorneys have a flat rate for all comers.

You will be asked to build a portfolio of assets and liabilities. This will be to prove that you have significant debt and no realistic way to repay it. Many times, the interest and penalties start to escalate faster than you can make payments. Bankruptcies are usually handled in Federal Court. This means that the standards do not vary much from state to state.

In your portfolio will be copies of the statements showing all of the debt that you desire to discharge. You do not have to discharge all debt. For example, if you want to keep your house, you can leave your mortgage out of the process. You may have a personal debt to a close friend that you plan to repay. Generally, you want to exclude as little as possible so that you come out as debt-free as you can.

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Downloads: 0
Written by: Allen Teal
Available File Types:Text
Words: 714