You have discussed the possibility of bankruptcy with your family in detail, and feel as though you’re ready to make the decision. However, you have several questions about the bankruptcy process, and do not want to spend hundreds of dollars getting advice from an attorney. There are several places that will allow you to get free bankruptcy case evaluation, so that you can be informed about the process as you’re working to improve your financial health.

Before you get your Chapter 13 filing forms, you’ll need to realize which type of bankruptcy you’re filing for. If you’re looking for a debt consolidation type of solution, you may want to file for Chapter 13 bankruptcy. This will cease lenders from calling, and will prevent you from facing wage garnishments or foreclosure. You submit your repayment plan to the bankruptcy trustee, and you will be assigned a plan that will allow you to settle your debts in 3-5 years. The federal court will issue an automatic stay for you, which means that this will stop all lenders from taking any more action on your accounts. About a month after the ruling, you will be required to attend a 341 meeting that will last for about 15 minutes. This meeting will allow your lenders to challenge whether or not you can pay your debts. The creditors will usually ask if you can pay at least 50 cents on the dollar, and if you’re not able to do so, they won’t object to your bankruptcy.

You’ll also need to find out if free chapter 7 bankruptcy forms are available from a local court if you’re going to file for Chapter 7 bankruptcy. This will allow you to have all your properties organized according to what you can pay. You’ll still have to attend a 341 meeting for this type of bankruptcy so work with your lenders as much as possible to come up with a solution.

It’s a good idea to take free bankruptcy evaluation offers online. In most cases, your initial consultation will be free, so be sure to get as much info as you can at the first meeting so that you can continue the filing procedure on your own if need be. You can also choose to file bankruptcy yourself if you want to save on legal costs.

Before you fill out and send in your bankruptcy forms, it is essential to make certain that you take a serious look at your finances to determine if there are any debt consolidation tools that you and your family can put into place without legal help. Bankruptcy should be your last resort, but it can help you to restore your credit faster.

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