How To File For Bankruptcy Using Chapter 7, And Keep Your Sanity


How to file for bankruptcy and get financial freedom by using Chapter 7, is the best way to keep your sanity. For right now you are a slave to all the lenders that you can not afford to pay, and slave to your mind because of the prison that you are in with no sleep, and not being able to focus on anything. Also my dear friend, you must realize that these times are worst than the great depression, because the amount of debt that we have now as a family and as a country could never have been imagined in the 1930 's. And back then you did not so much need a car, or credit card and even a big house.

Today I intend to share with you the easy ways to file for bankruptcy, and by using a Chapter 7 to file it under, you will be able to keep your sanity, your family, some of your possessions and your respectability. And why would you want to file for bankruptcy using Chapter 7 of the law?. 


Well first of all there are 3 major ways that you can file for bankruptcy, First as a Chapter 7 where the majority of your debts get discharged ( Except for fraud, child support, alimony and some Government debts ), and you do not have to pay anyone a penny afterwards. Second as a chapter 11 where you get to reorganize your debts, and work out a repayment plan for 5 years if you are considered a business owner, whether as a company or as Individual Proprietor. And third as a Chapter 13 where again you get to reorganize your debts and work out a repayment plan for 5 years, if you are considered to be making enough money and have enough assets from all you own. 

But to answer the question above, you will be better off with a Chapter 7 filing because your debts get wiped cleaned, and show a zero balance on your credit reports. Also because of the rules, if you have a family you get to keep quite a few of your possessions and you do not have to keep dealing with those same creditors for 5 years and even afterwards like the other Chapters.


So the first thing to do in filing for bankruptcy by using Chapter 7 and keep your sanity, is to pull out a note book and make a long list of everyone that you owe, and I do mean everyone like your mom, your cousin, your yard man, your mechanic, your pool cleaning company, your hair dresser, your pawn shop. And then move on to the companies that you owe that are sending you statement like the credit card companies, the hospital bills, the alarm company, the car loans companies, and the utilities companies. Afterwards make a list of the collection companies and attorneys. And finally include in that list all the lawsuits filed against you, the foreclosures, the liens on your house and any taxes due.

Second easy step in keeping your sanity through bankruptcy, is to now take that list and start to pull out all the statements you can find for each of the people that you owe. And know this, that for bankruptcy filing it will always be about the list and how accurate it is, and that list will make or break you. So start putting the amounts you think you owe for each person and company you owe, and I must tell you that the exact amount is not important as long as you have at least $1.00 for each one. Because the bankruptcy court do not care how much you owe, they only care about who your creditors are - the account numbers - and the correct addresses. And that is because they know that the amounts change all the time, and creditors will sell accounts to others, and they will jack up the amounts to add their fees. Again, write the account numbers, amount, addresses and even phone numbers, and if they sold the account always try to get the original account numbers that you started out with.


Third way on how to file for bankruptcy using chapter 7, is to add a list of all your assets and how much you think they are worth, along with when did you get them. And I do mean all your assets like all bank accounts, all retirement accounts, all cars, all boats, all houses, all clothes, all jewelry. In other words, any asset that anyone can do a simple search on and find out a paper trail. Remember, there is no need to get yourself in trouble and have your bankruptcy filing rejected, because you will get to keep some of those assets anyway. The court just want to be fair to your creditors, you can not have 3 Mercedes and 4 boats, along with 2 airplanes, and even $500,000 in the bank and then you want the court to help you with the creditors, and you do not want to give up anything even though you are guilty as charged, when you borrowed all these monies in good faith.

Another step to keep your sanity is to go online and start looking for places that will help you to fill out the forms automatically, and believe me you do not want to download the bankruptcy packet and start filling it out by hand. Those bankruptcy websites are very easy to use to file for bankruptcy, as their software will ask basic, common sense questions and then put all that information in the right category, again using that same list that I talked about above. And they will even review it for you, give you secret tips before - after - and while you are filling out the 70 to 100 pages forms you will need. And then all you have to do is print and sign. Also very important, the new bankruptcy laws do require you to take a before and after class of your filing a Chapter 7, and again you can go online and do a search for " Credit Counseling For Bankruptcy ", and you will get all the information on those classes.


Fifth easy way to file for bankruptcy using Chapter 7 is to gather all that paperwork, and head down to the federal bankruptcy courthouse. Once there, the clerks at the windows are very helpful, so please, please be nice and they will file everything for you. All you have to do is pay the $299.00 filing fee, and get your bankruptcy number. And after that in about 45 days you will get a notice date for a " Meeting With Creditors ", and that is just what it sounds like. And 90% of the time, unless you have big assets, the creditors will not waste their time showing up. This meeting is mostly for you and the Trustee that the courts have assigned to your bankruptcy case, and he / she on that day will ask you basic questions that you already have in your bankruptcy papers, and you will take an oath and answer those basic questions. And as long as you were honest with your assets and your situation, there will be no drama, but one thing to note is that the courts will not come to your house and look under your mattress, or drive by your house to see what you have. So do not be scared, begin today to file for Bankruptcy, using Chapter 7 of the Law, and give yourself a break by clearing all your debts for life, and KEEP YOUR SANITY. Your Legal Help Advocate, James Dazouloute



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