Knowing how to claim bankruptcy can be confusing, but for those deeply in debt and unable to meet their payment obligations, it is seen as a way to clean their financial slate.  It must be pointed out that this decision is not one that should be made lightly, as the bankruptcy process is not simple, and if you choose to consult an attorney or bankruptcy service company, the cost could actually be considerable.

That being said, here is an overview of the main steps to get you started –

•    Getting Help – It is certainly possible to file for bankruptcy on your own, but the amount of confusing paperwork and the stress involved do prompt some to use the services of an attorney.   This option will ensure that the process is followed correctly.

•    Types of Bankruptcy – If you decide to declare bankruptcy, your first decision will need to be whether to file under Chapter 7 or Chapter 13.  Reading through online publications and/or consulting an attorney should make you aware of the differences between these, and the benefits they might have to you.

•    Preparing to File – At this stage you will need to collect and organize all financial records detailing your income, assets, and outstanding debts.  Not everyone is eligible to declare bankruptcy and this information will verify if you qualify or not.  When the time comes to file, be forewarned that the fee is approximately $300.

This is simply brief overview of how to declare bankruptcy and should you wish to learn more about this process, attorneys in your area should offer an initial consultation for free.  Rather than choosing a company from infomercials, look for a reputable legal firm that will offer you sound advice during this difficult time. Setting up a free initial consultation is a great way to learn about individual firms and what they have to offer.