Filing For Bankruptcy

04 October 2010

Filing for bankruptcy is a complicated legal process; you can do it on your own, but it takes a lot of time and work. For most people, it will be helpful to consult with a bankruptcy attorney. They will begin by asking questions to determine your personal financial situation and which type of bankruptcy filing is right for you. Before you decide to file, your attorney should help you determine if bankruptcy is the right solution for you.

Bankruptcy will have a large negative impact on your credit report and credit score, and will stay on the report for up to 10 years. This may make it harder to get loan or credit card for even longer, since some applications ask if you have ever filed for bankruptcy.

Once you decide to file, and the proper documents are filed with the court, a trustee will be appointed to collect other necessary information and make sure it is accurate. You should then notify all creditors that you have filed for bankruptcy, since they are legally obligated to stop trying to collect debts during this period. You may be required to meet with certain creditors and their lawyers, to determine what portion of your assets they are able to claim. The bankruptcy court judge will make the final decisions on which assets you are able to keep and which are liquidated, based on state law.

If you have a bankruptcy on your credit report, call Trinity Credit Services. We can remove negative items from your credit report to help you get back on your feet.

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