We all know times are tough and, for some of us, bills are
getting harder to pay each month. If the debts you owe are more
than what you can afford, you should read on.

Filing a bankruptcy can be the answer to your problems. A
bankruptcy is a way to discharge your debts completely so you
can have a fresh start in your financial and personal life. You
can only file a bankruptcy once every 6 years and once filed, it
can become part of your credit history

Before filing, you want to know two things: 1) that your monthly
expenses (i.e. rent, phone, medical payments and just about
anything else paid by you for the living expenses of you and
your family) are more than your monthly net income and 2) that
your assets (all property you own at its current market value)
are worth less than your liabilities (that is, the debts you
presently owe and that you will list in your bankruptcy
petition).

The next step in filing a bankruptcy is to have the actual
petition prepared. The petition is an extensive document listing
all of your income, assets and liabilities as well as other
information with respect to your financial history. You must
list all of the creditors that you owe money to and want to be
discharged from that debt. Any creditor that you do not list
will always remain your creditor. For example, you may want to
keep one of your credit cards if you do not list that credit
card company on your petition then you can continue to use that
line of credit (of course, you will continue to make your
monthly payments for that credit card).

Your petition will be filed in the bankruptcy court for about a
$150.00 fee. The moment your petition is filed an automatic stay
is in place that means your creditors listed in the petition
must stop their collection procedures during your bankruptcy
proceeding.

Only those creditors you list in the petition will be notified
with respect to your filing for bankruptcy. In about 30 days
from your filing date, you will be scheduled for a first meeting
of creditors (called a section 341 meeting). At that meeting,
the bankruptcy trustee (the person from the court) will ask you
some questions. The trustee is interested in discovering whether
you have any property or assets available for the benefit of
your creditors. By law, you are allowed to keep certain property
and the trustee’s questions are very straightforward and not at
all intimidating. When the trustee is finished, your creditors
are given an opportunity to speak. If none of your creditors
appear then an additional 60 days is set for anyone to make any
objections or file any additional papers. If nothing happens in
that 60 day period, your bankruptcy will be granted and you will
be relieved from all debts listed in your petition.

This article is certainly not all inclusive and is intended only
as a brief explanation of the legal issue presented. Not all
cases are alike and it is strongly recommended that you consult
an attorney if you have any questions with respect to any legal
matters.

Any questions and/or comments with respect to this topic or any
other topic, contact:

http://www.appellate-brief.com

Law Offices of Susan Chana Lask 853 Broadway, Suite 1516 New
York, NY 10003 (212) 358-5762

Susan Chana Lask, Esq. c 2004

About the author:
Susan Chana lask is a New york attorney named by the media as
“High-Powered”, she practices in all state, appellate and
federal Courts nationwide handling civil & crimnal cases.