Before filing for bankruptcy, make sure that you are aware of the advantages and disadvantages. Bankruptcy can sometimes cause distress in the future because it will reflect on your credit rating. It will make it hard for you to secure a loan and obtain financing in the years to come. Here are some rules you need to know before making the big decision of filing for bankruptcy.
Who can file$%:
Any individual, regardless of the amount of his consumer debt and whether they are solvent or insolvent, can file for bankruptcy. It is important to note that you cannot file for bankruptcy if you were unable to appear before the court prior to a bankruptcy petition or if you made a voluntary dismissal. Your right to be discharged is not absolute. There are debts that are exempted such as home mortgages and car loans, federal student loans (except in rare occasions), child support, and delinquent taxes.
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How it works
First off, you have to fill out a bankruptcy form where you will have to declare all your financial information and history including personal information, recent financial activity, secured and unsecured debts, creditors$%: information, assets, expenses, taxes, and other related information. This form also serves as your petition and you have to file it at the nearest federal court. You must submit three copies plus one original copy of the petition. The court will issue an $%:automatic stay,$%: preventing creditors from any collection activity within one month. A 341 meeting will be called by the court within the month which you and your creditors are required to attend. If a compromise is reached by both parties, the bankruptcy trustee will go ahead and liquidate all your non-exempt assets. The court grants discharge within 60 to 90 days and notice is sent via mail. With this discharge notice, creditors will have no claim on you and any of your exempt property.