In actuality, the road to claiming bankruptcy is very easy to travel. Basically, all it takes is for you to fill out some forms, type up some documents, and pay the necessary bankruptcy filing fee that is $299. It takes three up to six months before the bankruptcy claim is approved by the court and either all your debts are written off or you will follow a repayment plan you need to complete in three or five years. It is the decision making part that is hard, because you have to deal with your feelings and emotions when taking this step. The good news is that our federal government came up with a simplified and organized bankruptcy process you can follow.
This process of bankruptcy provides those who are in serious financial trouble to take back the control in their lives and make a fresh start. If you want to know how to claim bankruptcy, then you must complete these five steps. A petitioner has 180 days to complete a course on credit counseling before he or she can file a claim for bankruptcy. A bankruptcy lawyer can help check to see if the documents are in order and accurate. The petitioner will then file the paperwork at the bankruptcy court and pay the filing fee. The court assigns a trustee and this trustee is tasked in checking the documents and in setting up the meeting between the creditors and the debtor/petitioner, a mandatory meeting that is only for several minutes. The petitioner must attend a budgeting course to learn how to handle his or her finances better. Lastly, the judge will review the submitted documents and approve the bankruptcy claim so that the petitioner can start anew with his or her life.
To most people, the most difficult part in the whole process is dealing with their own emotions and feelings when they file for bankruptcy. There are feelings of shame and embarrassment because they were unable to meet their dues and obligations. It is mostly due to sudden job loss, serious illness, divorce or legal separation, and loss of other means of income. This whole financial ordeal takes only a short period in the life of a working individual. Even if it takes you time and work when filing for bankruptcy or even repaying all your debt, think that each step taken brings you closer to getting your life back. The important thing is that you learn from your mistakes and avoid getting yourself in the same situation again.