Once you have decided to file bankruptcy what can you expect?
Filing Chapter 13 Yourself
1. Credit Counseling Class
The first thing is that you need to take a credit counseling class. This is a requirement by the bankruptcy court. You need to take your credit counseling certificate with you to file your chapter 13 bankruptcy.
In order to get a credit counseling class certificate you will need to find a pre-filing bankruptcy class online by phone. For example see: http://learnfinances.org/
2. Download Forms from Bankruptcy Court Website
The Bankruptcy Court does not have any forms at the clerks office. They require you to bring your filled out forms with you when you file your bankruptcy.
You can download your forms for free here. http://www.uscourts.gov/FormsAndFees/Forms/BankruptcyForms.aspx
3. Hiring a Lawyer
I do not recommend hiring a lawyer.
Bankruptcy lawyers usually do not know how to argue to stop foreclosures or demand adversarial hearings inside the bankruptcy court.
I recommend that you do it yourself. It is not that difficult when you have a consultant to guide you through the process.
4. The Inability to Use Your Credit Cards
If you are thinking about filing a bankruptcy case, stop using your credits cards immediately! If you continue to charge items even though you intend to file for bankruptcy, a creditor can challenge the discharge of the debt owed or even your right to discharge any debt.
5. Liquidating Assets
In a chapter 7 case, the trustee will determine whether or not there are assets that can be liquidated and used to repay your creditors. If you're filing Chapter 13 bankruptcy you may be allowed to retain ownership of your assets, as long as you can devise a 3 to 5 year repayment plan to repay your debt.
6. Waiting For Your Creditors to Respond
Your creditors have 60 days after your meeting to challenge the discharge of a particular debt or your entire discharge. If no such lawsuits are filed, shortly after that 60th day you will receive notification of a discharge of debt if you filed chapter 7. If you filed chapter 13 bankruptcy, discharge notice will be given about two months after you make your final payment.
Remember, not all debt is excused under either form of bankruptcy including student loans and certain taxes, so you may not be completely relieved of the obligation to repay all debt. So be certain that filing bankruptcy truly is the right decision.
These are only the very basic steps to file a chapter 13 Bankruptcy.
7. Get More Help
Everything you want to know about bankruptcy can be found here: http://bankruptcytoday.info/