There are several steps involved in filing bankruptcy. Follow my "how to file bankruptcy" tips and this process will be more streamlined and painless than ever. If you know what to do, how to do it, and in what order, filing for bankrupcy will be much easier than you ever imagined. So read my bankruptcy guide and get ready for this to be as simple as 1-2-3! Really, it will be!
How to File Bankruptcy
The first step is to realistically decide if you will ever be able to handle your debts – credit card debts, mortgage payments, car loans, and so on… Get an accurate calculation of your monthly income and revise your monthly budget to reflect it. Cut out unnecessary expenses and stretch your funds as much as possible. See if you can turn any extra income or money you save from cutting out luxuries into extra credit card or loan payments. Stay caught up at the very least. Staying caught up is a very good sign that you don’t need bankruptcy to bail you out.
The second step is this: Read my article about how to avoid bankruptcy. If you can’t possibly avoid bankruptcy, then stay calm. Keep record of all the debts you owe and get a copy of all 3 credit reports. Look these over carefully.
Third, contact a debt relief company to see if it is feasible for you to get your interest rates lowered or see what they can do to work with you rather than against you. Explore this avenue to a great extent before proceeding to file bankruptcy.
Forth, if it is apparent that you need to go ahead with the original plan and figure out how to file bankruptcy, then contact a local bankruptcy attorney. Bring them all the paperwork I described above: your credit reports, your debt records and monthly income and budget. Talk with them and ask “how do I file bankruptcy”? They will be able to answer all your bankruptcy questions since they deal with these situations on a daily basis.
Fifth, you can possibly file bankruptcy yourself without the help of an attorney. If a bankruptcy attorney plus the cost to file bankruptcy is too expensive, try the DIY (do it yourself) route. "how do I file bankruptcy myself", you ask? Read, read, read about how to file bankruptcy!!! Get familiarized with the restrictions and laws in your particular state. Also get familiar with bankruptcy law in general. You can talk to the judge yourself and everything will be ok. If you have the time to devote to this, filing bankruptcy on your own is a good, cheap way to go. However, if can be a bit of a pain in the butt, so beware! Don’t let this whole ordeal drive you crazy – because it has a tendency to do that!
In summary, remember that filing bankruptcy in your state may vary from other states you lived in before. Don’t assume anything and make sure you fit the profile for how to file for bankruptcy before actually filing. You don’t want to rush into something that you can’t reverse later or that you could have stopped to begin with. You can read how to stop bankruptcy here. Be smart and be cautious. Be calm and be logical. This is how to file bankruptcy and I hope my guide helped your thought process. Good luck!
