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Personal Bankruptcy
Is it for you? What exactly does it mean, how do the new laws affect you? What are the alternatives? Can you do it yourself or do you always need a bankruptcy attorney?
Questions upon questions...
Yet Another Bankruptcy Page - Why?
Isn't there enough information available already?
The whole process of filing for personal bankruptcy is quite complex, and in most cases you will want to have a lawyer help you. Funny thing is though, you're already in this predicament, but you will have to find a way to fork over a couple thousands before they lift a finger for you (credit cards not accepted, surprise!)For a layperson it is quite tedious to sift through the available information, and trying to make sense of the legal mumbo-jumbo. I wished there were free plain language (very plain!) explanations of the facts that are of relevance to me.
I figured that many people are at this point in their life, so the only way to get smart is to do your homework and research yourself. This lens wants to help focus on the problem and provide some guidance through the process. It is also a lens in progress, which is why I invite you to come back often and contribute in whatever way you can and desire.
About Personal Bankruptcy
What is it and what does it mean for you?
In plain English, if you have more debts than you think you can repay, you may be able to get relief in some form by "going bankrupt".Depending on several factors such as income level and situation, most people will file either under Chapter 7 to liquidate their assets and pay off their debt, or Chapter 13 which provides for a manageable repayment plan.
For the purpose of this lens, I shall limit the scope of information to only the Chapter 7 and Chapter 13 Bankruptcy cases.
If you are a business and wish to remain as such there are other options available.
Helpful Research Resources
Links for more free information
If you are considering DIY bankruptcy, or if you just want to research your options, check out these links. I have found a ton of useful (and most importantly, free) information on Chapter 7 and Chapter 13 bankruptcy proceedings.
- Bankruptcy: Basic Information
- This page provides basic information on the different aspects of the federal bankruptcy laws. It also provides individuals who may be considering bankruptcy with a basic explanation of the different chapters under which a bankruptcy case may be filed and answers some of the most commonly asked questions about the bankruptcy process.
- Credit Counseling Agencies
- Under the amended Bankruptcy Code, most individual debtors are required to complete a special briefing from an approved credit counseling agency before filing a bankruptcy case.
Here's a list of all approved (by U.S. Trustee/Department of Justice) Credit Counseling Agencies by state and judicial district. - Bankruptcy Information Sheet
- Of all the information sources, I found this short explanation about the different Bankruptcy Chapters the easiest to understand. It even comes with translations in Spanish, Vietnamese, French, Chinese, Korean, Hmong, Tagalog, and Arabic.
- Official Bankruptcy Forms
- If you want to file, or take action in, a bankruptcy case you must use official bankruptcy forms. This web site of the US Courts has the necessary downloadable forms in PDF format, along with additional filing instructions.
- Cornell University Law School
- The text of the U.S. Code Title 11 (Bankruptcy Code) is found here.
Is There Credit After Bankruptcy?
Yes, you're still creditworthy, but...
Although it might not be the smartest idea to go out and accumulate more debt after a bankruptcy, there are situations when you don't really have much of a choice. Since your Credit Score won't be something to write home about you will need to find lenders who are willing to give good people with bad credit a fair chance.You're Approved.org puts you in touch with several lenders that specialize on bad credit loans. Nobody's going to raise an eyebrow here if you intend to apply for a loan.
Sure, their service is not free (cost $25) but it'll save you a ton of time and frustration trying to locate bad-credit lenders yourself.
Bankruptcy Fashion Statements
If you're one of these people who use their shirts as a bulletin board then here's the right stuff for you.
Personal Bankruptcy - Been there, done that?
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- millstonerobert millstonerobert Oct 18, 2009 @ 2:10 pm
- Excellent lens on Debt Negotiation Settlement, I found it very informative and user friendly, it's important that people are made aware of their options if they ever fall into an insurmountable level of debt.
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- helpfixmyfinances helpfixmyfinances Jun 13, 2009 @ 11:47 pm
- Nice lens. You're right, there is a lot of information about bankruptcy out there. We need more people like you to show just how much of a negative impact bankruptcy can have on one's life and how much more important it is to live without our means. Debt isn't easy, but bankruptcy is even tougher... even though the "pros" make it sound like the easiest and best solution available.
Great work and keep spreading the message!
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- chefkeem chefkeem Apr 4, 2009 @ 3:37 pm
- Yup. :-)
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- PatriciaD PatriciaD Dec 12, 2008 @ 11:41 am
- Hey great lens, very interesting! :)
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- Nov 30, 2008 @ 5:03 pm
- The thought of bankruptcy scares the devil out of me. Sometimes is unavoidable but we all need to heed the warning and start living within our means.
Great lens
5* and lensroll to Living Within Our Means and Lower Your Debt in 2009
Bj
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by Squidster
~~Thank you!~~
Squidster is a Small Business Web Consultant from Southern California who loves creating Squidoo lenses for your enjoyment. She is prou...
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