Personal Bankruptcy - A Guide To The Typical Process

There is such a thing as bankruptcy court, but there is more involved with filing than just going to court and getting the go-ahead from a judge. You must also meet with your creditors outside of court. This can be a somewhat scary part, as your creditors have likely been hounding or even intimidating you, but as soon as you declare bankruptcy, your creditors must stop contacting you or face legal consequences! This automatic stay allows you to attend the meeting with your creditors without worry that they will take the opportunity to harass you further. You must also attend court, but bankruptcy lawyers in Seattle, WA, can be with you every step of the way, representing your interests and ensuring that your paperwork and legal affairs are in order. As long as you have been honest and thorough, the process should be simple with the help of your attorney.

When you apply for a secured credit card, you should be prepared to pay fees for the credit card. These secured credit cards often come with additional fees that must be paid. Application and processing fees are required upfront. Most secured credit cards also require you to pay an annual fee. Compare the total amount of fees that you must pay when you are shopping around for a secured credit card.

It would appear that the proportion of those applying for and entering IVAs rose as compared to those deciding (or having decided for them) to go down the straight bankruptcy route. This latter fact has been heavily criticised (and understandably so) by the mainstream press as the process of an IVA or (Chapter 13 Bankruptcy, its equivalent in the US) is very heavily marketed as the ultimate solution to provide the maintenance of the maximum amount of dignity in an otherwise sordid scenario.

The Chapter 7 bankruptcy process is the easiest of all such processes. It's often referred to as straight bankruptcy. Chapter 7 is a total liquidation process. The debtor will turn over all non-exempt property to the trustee who then will convert it to cash for distribution to the creditors. The debtor will receive a discharge on all debts usually within 4 months. In the vast majority of these cases the debtor has no assets that he would lose so Chapter 7 will give that person a relatively new fresh start at life again.

Clients are aware that a new bankruptcy law was passed and many believe that they either cannot file or they would not qualify to file a bankruptcy, or that the filing procedure is too burdensome. In regard to the new bankruptcy law, the filing qualification remains the same as before, you need only to be financially insolvent, that is, you cannot pay your bills. There are essentially three

Before a client can re-file for bankruptcy, a certain amount of time needs to pass before it can be done. The amount of time for which a client will have to wait will depend on the type of case it is and the type of bankruptcy which was filed for previously. However regardless of the type of bankruptcy case which has been filed for, it generally takes quite a number of years before a case can be re-filed.