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Date Created: 12/19/15
Bankruptcy can be the beginning to a new life of financial security. Anyone facing overwhelming debt can regain peace of mind by learning how to declare bankruptcy in four easy steps. This process is fast, fairly inexpensive and produces many pleasant surprises. For example, there are automobile dealers willing to give an auto loan after bankruptcy to people with income. Bankruptcy Laws How to Declare Bankruptcy There are only four steps to filing bankruptcy A person simply goes through a qualification process to see if he or she is eligible to file a Chapter 7 or must file a Chapter 13 Next, the right paperwork is completed Finally, the filer goes to the US Bankruptcy Court in their jurisdiction, files the documents and pays the filing fee Currently, the filing costs are $306 for a Chapter 7 and $1046 for Chapter 13 Because this is a complex procedure, most individuals hire an attorney to guide them Some attorneys specializing in the BK process offer flat, affordable fees to their clients An attorney will prepare the paperwork and file the signed documents with the right court After the bankruptcy has been filed, the debtor must attend a creditors meeting and take a credit counseling class Most procedures are finalized in just 90 to 180 days A judge will review the final paperwork and sign the petition Under a Chapter 7, all or almost all of the debt is eliminated People going through a Chapter 13 will repay most or all of the money owed over three to five years Affordable payments are made to the bankruptcy trustee who pays the bills Auto Loan after Bankruptcy Contrary to popular belief, some automobile dealers actually offer people who have declared bankruptcy loans on cars and trucks These forward thinking businesses know the people who successfully completed a Chapter 7 have little or no debt These individuals who have income qualify for the loan In addition, that person cannot file another BK for 8 years Finally, the dealers presenting this program have little competition If the consumer does not want to take advantage of these offers, the car shopper has three other ways to finance a vehicle These are to find a cosigner, find an auto sales lot that collects the payments or join a liberal credit union that will approve a loan There are advantages and disadvantages to all of these options The advantage is the shopper gets a vehicle Bankruptcy Laws The cosigner is also on title An auto sales lot collecting payments may not have the vehicle the buyer wants and may charge more for the auto and interest Credit unions may require a year or two of good payment history before authorizing a low interest loan There is no reason to fear this legal process designed to help people in debt create a manageable future Taking the four steps listed in how to declare bankruptcy allows consumers to take charge of their lives Surprisingly, some dealerships even solicit business by offering an auto loan after bankruptcy Bankruptcy Laws
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