How Do I Declare Myself Bankrupt

Did you know that nearly 1.5 million people filed for bankruptcy in the United States in the year 2010? According to US Bankruptcy Court statistics, bankruptcy filings were up about 27% from 2009 levels, which is likely the direct result of an economy that continues to struggle. If you happen to be struggling to meet your debt obligations then perhaps you’ve asked the question – “how do I declare myself bankrupt?” It’s a common question among struggling individuals, though it’s one that shouldn’t be asked lightly, as there are a number of important factors to consider before claiming bankruptcy. The following article will explain what happens when you declare personal bankruptcy.

So, back to the question at hand – “how do I declare myself bankrupt?” Perhaps the better question has to do with whether or not bankruptcy is the right option for you. Have you looked at other options for debt relief and are you sure that filing bankruptcy will address your concerns? Although there is nothing stopping you from moving full steam ahead with your bankruptcy claim, we suggest that you take the time to discuss the specifics of your situation with a qualified professional, and specifically a reputable bankruptcy attorney in your area. You can find an attorney be filling out our free bankruptcy evaluation, which will place you in contact with a quality attorney who understands what it means to file a claim.

If I Declare Myself Bankrupt, What Should I Expect?

The personal bankruptcy process can be an extremely stressful and time-consuming process, particularly if you choose to file a claim on your own and without the assistance of either an attorney or a bankruptcy petition preparer – a process commonly known as self bankruptcy. If you choose to file under the most popular option, Chapter 7, then most of your unsecured debt will be discharged once your bankruptcy claim is completed.  While this is certainly great news to most debtors, many people don’t realize some of the consequences that come along with filing, the most notable of which are mentioned below:

•    Damage To Credit Rating – your credit rating will suffer tremendously as a result of filing bankruptcy, and the damage will remain for up to 10 years. Not only will this make it difficult for you to obtain financing at reasonable terms, but it can also affect your ability to secure a rental property (house or apartment), or even to seek employment in some cases.

•    Potential Embarrassment – nobody likes to broadcast their personal struggles to the rest of the world, as doing so can be potentially embarrassing. Right or wrong, the word “bankruptcy” comes with negative connotations within American society and throughout the world.

•    Filing Is Expensive – it seems sort of odd that you are required to spend money to get out from under your debt concerns, though this is exactly what will happen if you choose to file bankruptcy. Most people aren’t aware that the average claim can cost between $1,500 and $2,000 when bankruptcy attorney fees are factored in.

When Should I Declare Myself Bankrupt?

Now that you know a bit more about the bankruptcy process, you no longer need to ask “what happens if I declare myself bankrupt,” though you might be wondering when to file. Unfortunately, there is no right or wrong answer about when to file bankruptcy. In general, people tend to file when they cannot meet their debt obligations for an extended period of time. Again, the best thing you can do is to consult with a reputable bankruptcy attorney to discuss the specifics of your case. Our free bankruptcy evaluation will put you in contact with someone in your area who is ready to listen.

Click on the following link to find out the answer to the question “Can I rent an apartment after bankruptcy?”

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