What is the first step to declair bankruptcy? Is it expensive? a lengthy process?
Answers:
To be able to declare bankruptcy now, you are required to go through credit counseling several months before filing. You can find an accredited credit counselor using www.nfcc.org
If you have a simple bankruptcy, it can be fairly inexpensive, but usually you must pay the attorney in advance before they will file. They don't want to become one of the creditors you owe.
Once you have filed, it depends on the complexity of your case and how busy the courts are in your area. Your attorney would be able to answer this question more specifically for you.
If your debt is not more than your annual income, you probably have the ability to pay off the debt without declaring bankruptcy. You also need to be aware that there are several types of debt that usually cannot be forgiven in bankruptcy, including student loans and support payments, so if that's what a lot of your debt is, you probably need to just start paying it.
You can get credit after a bankruptcy, but it will be at high rates. In fact, you will probably be inundated with credit card offers, since the credit card companies know that you will not be able to declare bankruptcy again for 8 years, so they have 8 years to collect interest and fees from you.
STEP ONE: Learn how to spell the word "Declare"
Better question is " what is the first step in not becoming bankrupt"
Many BK attorneys offer a free consultation. Call one and make an appointment. The attorney will be able to answer all of your questions and tell you what he/she charges.
Any amount of debt can be grounds for declaring BK. Some people file with little or no debt but as a result of losing a court case and having a judgement entered against them.
Depending on the complexity of your case filing BK could be expensive or inexpensive. I've seen lawyers advertising $295 for a simple BK filing. For a simple filing you are looking at a 45-180 day turnaround time from filing to discharge. A lot depends on how busy the courts are in your area.
There is a credit life after BK. You can finance cars, get credit cards, mortgages, and any other type of loan. Your rates are going to be higher to start with but eventually you can rebuild your credit.
Good Luck.
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Best of luckFor your Bankruptcy issue, Try the following link -
http://www.911-legalhelp.com/bankruptcy.
You will not only get full information about bankruptcy but also get expert advice of affordable lawyers.
Best of luck
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