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If you think there's any possible way to keep from filing, make it happen. This legal action will stay on your credit history for 10 years, and could prevent you from getting the home or auto loan you want with a low interest rate for a long time. Consider asking friends or family for temporary loans to get you out of debt and back on your feet. Also, you could call a debt consolidation company that can combine all your payments into one, resulting in a lessening of total amount paid to all the companies. Generally, consolidators won't accept your case unless you meet the minimum debt level, which is defined differently by each one. If there is absolutely no way you can repay your debt (if your total amount owed exceeds your annual salary), start researching the information you need to feel secure about talking to a bankruptcy attorney. Keep accurate records, and gather everything you have regarding finances to give to your lawyer. What Happens If I Decide to File? As soon as your bankruptcy attorney files your paperwork, the proceedings will go into effect. The day before this is done, you'll need to catch up any bills that you can, pay rent (or your mortgage), and fill up the car with gas. This is because once legal proceedings have begun, all monetary assets you have can be claimed and used to pay the creditors. The thing that most people look forward to is the automatic stay, which is an immediate cessation of having to deal with the creditor calls and mail. Also, any wage garnishments you have will be stopped. Any government-funded unearned income, such as social security should not be affected. What Should I Expect When I'm in Court? The specific type of legal proceeding involving a Chapter 7 or 13 Bankruptcy is called a 341 meeting, sometimes referred to as the first meeting of creditors. This is where your attorney will present evidence of inability to pay, and also where the creditors can make their case about you paying their claim instead of another company's claim. If you filed Chapter 7, you will receive your discharge (which declares that the case is settled) about 60 days after the 341 meeting. If you filed Chapter 13, your discharge is sent after your completion of the payments assigned under the plan. Remember that not every debt is going to be discharged. In addition, the court selects which companies are to be paid, which is why you stop making payments as soon as you've filed. While bankruptcy can provide a light at the end of the tunnel, it is not to be taken lightly. In Fort Lauderdale, bankruptcy lawyer carries the experience and competence to guide you through the process of declaring the bankruptcy. He can even help you in deciding whether such option is actually viable one or not for you. To know more, visit http://www.305bankruptcy.com
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