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Have you suffered a heavy financial loss? Your friend suggested that you file for bankruptcy and you know nothing about it. Here is what you need to know. You can file for bankruptcy, a process through which you can get away with all your debts. It is a narrow escape from your creditors and a big relief to make a fresh beginning. Filing for bankruptcy is a legal process and every step that you take should be correct and things should be in place.

The very first thing that you should do is get in touch with a lawyer who specializes in bankruptcy. You’ll want to be working with someone who knows exactly what is required and what steps you need to follow for bankruptcy. When you first meet with the lawyer make sure that you take along all of your financial papers, including bills that you owe, a verification of your monthly income, and statements from your bank.

Then you have to decide with your lawyer exactly how much money you owe. Don't leave out any debt; add all the debts regardless how high the amount comes to. In this process when you start off again, you won't have any forgotten debtsleft behind.

The lawyer will explain to you the difference between secured debt and unsecured debt. Secured debt is debt where your creditor will hold some type of secure interest on what you owe until the entire amount has been paid back. If you don’t pay back the amount owed the creditor can take back what you’ve purchased, such as your car. Unsecured debt is debt that isn’t secured with interest and is not tied to property.

There are some debts that you may owe that can’t be cleared by bankruptcy that you’ll have to pay back on your own. This type of debt includes student loans, child support, and any back taxes that you owe. Make sure that the lawyer has all the information needed to make an accurate application for bankruptcy.

Once all your debts have been determined you will file a bankruptcy petition with the local courts in your area. Your creditors will be contacted and notified about the bankruptcy. After filing the bankruptcy the creditors can't call you or contact you for the debts.

Then a trustee who is assigned to your bankruptcy case will settle your debt. The trustee will then be responsible for paying your debts and staying in touch with your creditors. Incase you have a property or some other assets it would be sold off to pay off the debts. At certain places you are entitled to get some profit on the sale of your property. There are also cases where you can be given an allowance to live off for a certain period of time.

Bankruptcy is a long and a tedious process. It may affect your financial outlook for years to come. So make sure that all the papers are intact with you for the bankruptcy process.

Resource Box:
Ben Fallison strives to help people seeking information about the problems of bankruptcy. Why not go to his web site at: Bankruptcy At, to see the information sources available to you. Visit: http://www.bankruptcyat.com


Keywords:
bankruptcy,debt,money,avoid bankruptcy,bankruptcy law,bankruptcy attorney,bankruptcy court,bankruptcy information,bankruptcy help,mortgage bankruptcy,loan consolidation,foreclosure

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