Sometimes, the formal and legal declaration of personal bankruptcy is the best way to go when you’re “snowed under” with bills, and you just can’t see your way clear to survive.
Actually, bankruptcy allows you to make a fresh start. Generally, it takes only a small amount of monxey, a careful evaluation of your assets and your liabilities. In many cases, a lawyer is not necessary.
If you have very few assets, mountains of debt, and not enough income to meet your obligations, then your best bet is almost always the filing of straight bankruptcy. What you’ll need is the proper forms “S3010 Bankruptcy forms, for an Individual Not Engaged In Business.” These can be purchased from any full-line office supply store, especially in an area serving attorneys’ offices.
You’ll need to know which district you love in for Federal Court purposes – so look in the white pages of your telephone book under U.S. Government – Courts – and take down the address of the nearest U.S. District Court. Check it out to be sure that your residence is in this court’s jurisdiction.
You then fill out the forms you purchased, listing all of your creditors – those with priority being listed first – meaning those who have extended credit to you against some sort of security or collateral, followed by those who have extended credit to you on just your signature or reputation. You must be sure to list all of your creditors because any that you fail to list, will be able to sue you and collect even after the bankruptcy has been adjudicated. At the same time, be sure to include the names of anyone and everyone you may have co-signed a note or a loan for, as well as anyone who may have co-signed for you.