The Fastest Way to File Bankruptcy

October 10, 2012 - 04:34 by bankruptcylawyer

America is a fast paced society, and that’s a fact. We can look things up with the touch of a few buttons and have the world at our fingertips, but when it comes to legal processes everyone knows they take a bit longer and bankruptcies are no different. Many bankruptcy lawyers will agree that the debt didn’t all occur overnight and it won’t be erased overnight either. However, just like with any system in America there are loopholes to expedite the process. If you or someone you know is claiming bankruptcy and want to speed things up, here are some key tips:

  1. Know the Bankruptcy Rules: Before you start the bankruptcy process, take a few weeks to gather some general information about exactly which Chapter you should file and why. Doing this research will enable you to skip a few steps when meeting with attorneys and get right to the heart of your case. Remember, Chapter 7 bankruptcy is typically used for individuals with high amounts of unsecured debt (like credit cards and medical bills) and little to no high value assets. On the other hand Chapter 13 bankruptcy can be used to stop a home foreclosure or vehicle repossession by allowing the debtor to pay back a percentage of their unsecured debt over a 3 to 5 year period.
  2. Don’t File Bankruptcy Yourself: Although you may think it will be the quickest and most painless way to file, going through bankruptcy without an attorney is tough and can be extremely confusing. If filing quickly is your goal, then hiring an experienced bankruptcy attorney may be your best option. Think about it this way, for you the process of bankruptcy may be brand new and daunting, but a typical bankruptcy attorney handles anywhere from 30-40 cases a month and he/she may specialize in all of the fine print bankruptcy laws that your state may have. Let the specialization and experience of a local bankruptcy attorney be your advantage to a speedy process.
  3. Have Your Paperwork Ready: During my time as a paralegal I saw hundreds of bankruptcies screech to a halt because of a lack of paperwork from the client. As the debtor you will be responsible to provide your bankruptcy lawyer with all the necessary paperwork that the court requests. This paperwork will consist of: tax returns, pay stubs, bank statements, mortgage or lease agreements, vehicle ownership paperwork, and in some cases even the same information from your spouse. Because this paperwork is requested by the bankruptcy court it is vital that you have it readily available to your attorney when he/she asks you for it.

It is rare for a bankruptcy case to be filed in a day or a week, but I have seen it happen for extreme circumstances. However, if claiming bankruptcy is what you truly need to get your finances back on track then don’t worry yourself with the logistics of how long it will take. Focus on finding a great attorney, communicating with them effectively, and taking the process one step at a time to ensure a fresh financial future for you and your family. 

                                   

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WP Solutions, Inc is a BBB Accredited Legal Information Service in Chicago, IL

Free Evaluation Form

Free Legal Evaluation

 
Why are you considering bankruptcy? (select all that apply):
Estimate Total Debt:
1 of 5 steps
 
What bills do you have?
Estimate Total Monthly Expenses:
2 of 5 steps
 
What types of assets do you own?
Do you own real estate?
If Yes, are you behind in these payments?
Do you own an automobile?
If Yes, are you behind in these payments?
Do you have any additional assets worth more than $100,000?
If Yes, please describe:
3 of 5 steps
 
What types of income do you have?
Estimate Total Monthly Income:
4 of 5 steps
 
Contact Information:
First Name* :
Last* :
Home Phone* :
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Work Phone:
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Cell Phone:
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Email* :
Zip* :
5 of 5 steps
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