How to Claim Bankruptcy the Easy Way

File for Bankruptcy How to Claim Bankruptcy the Easy Way

How to Claim Bankruptcy

Filing for bankruptcy can be a serious, emotional decision; it's not easy to admit that one is over their head financially. However, many people realize that they qualify for bankruptcy, but are left with the question, "How do I claim bankruptcy?" In truth, those trying to file for bankruptcy may seek advice and hit a wall because the information about the various chapters is confusing and social mores about bankruptcy can be backward, which ultimately does little to alleviate the stress of borrowers. As a result, DoNotPay is here to give qualified answers about how to claim bankruptcy.

Ready to get started? As part of DoNotPay's File for Bankruptcy Product, it offers information and referrals to its legal services about filing for bankruptcy itself, what happens when you file, and how much it costs to file for bankruptcy. DoNotPay can answer questions about the types of bankruptcy and offer more information on Chapter 7 and Chapter 13, as well as needed documents like a 609 letter and a debt verification letter. While bankruptcy is often the best choice for overwhelmed borrowers, DoNotPay answers questions about potential downsides and how long it stays on a credit report.

Is Bankruptcy the Best Choice for Me? Should I File for Bankruptcy? 

When it comes to how to claim bankruptcy,  first consider whether it's the best choice available. There are several situations where filing for bankruptcy is going to be the best option. 

Filing for bankruptcy is the best choice when:
  • Your total income is far less than the total amount of debt one owes.
  • You cannot reach an affordable payment plan with lenders.
  • Your need a stay on collection efforts and cannot afford monthly payments.
  • Your wages are being garnished.
  • Being in debt is impacting your peace of mind, maintaining an adequate standard of living, and mental health.
  • You seek to resolve the issues with the creditors through the courts.
  • Your debt falls under $394,725 unsecured debt and less than secured $1,184,200 in Chapter 13 cases.

How do I File for Bankruptcy Myself? 

Sometimes, people can feel so desperate from their financial status in life that they opt to immediately file for bankruptcy. A lot of people are looking to find out, "How do I declare bankruptcy myself?" They may have hit a wall in their professional career, are being realistic about their ability to honor their financial obligations, and find themselves too embarrassed to speak with a lawyer. Chances are that those ignorant in the predicaments of finances have shown no compassion to them. 

Here's how someone can file themselves:

  1. Read about the five different chapters of bankruptcy and pick the most logical option.
  2. Prove one's income through pay stubs (dating six months), tax returns from two years, and any other paperwork about income or assets.
  3. Also, provide proof of the debts. These are usually displayed on a credit report, but may have to be verified with a 609 form. Not all outstanding debts appear on credit reports.
  4. Once you have collected the documents declaring your inability to pay as well as the outstanding debts, it's time to take a credit counseling course.
  5. 6 months prior to filing for bankruptcy, it's time for credit counseling. Keep the certificate.
  6. File for bankruptcy and complete the forms, which can be a confusing and lengthy process.
  7. Attend the court session, follow-up meetings, and complete the various programs to rehabilitate your financial status.

Filing for Bankruptcy with DoNotPay

For people who have been drowning in debt, the toll to one's mental health adds up. The prospect of filing and completing more forms, as well as making weighty financial decisions without knowing what will happen next, might trigger people into spirals of anxiety and despair. For the sake of one's mental health and to find and fill out the proper forms, DoNotPay is here to help through the process since many will struggle through it alone if they can't find the proper resources. 

How to file for bankruptcy using DoNotPay:

If you want to file for bankruptcy, but don't know where to start, DoNotPay has you covered in 5 easy steps:

  1. Search for File for Bankruptcy on DoNotPay.

     

  2. Put together a list of your debts, expenses, and assets. If you need help accessing information like your credit report, DoNotPay can help you get your report.

     

  3. Let DoNotPay walk you through your bankruptcy options and help you determine whether a Chapter 7, Chapter 12, or Chapter 13 bankruptcy is right for you.

     

  4. DoNotPay will then help find the best credit counseling course near you, which you need to complete before filing your bankruptcy forms.

     

  5. Lastly, DoNotPay will gather all of the forms you need (including available fee waivers) and help you locate your nearest bankruptcy court. All you have to do is complete the required forms, prepare your filing fee, and file the application with your local court.

     

And that's it. Once done, the court will give you:

  • Your bankruptcy case number
  • The name of your bankruptcy trustee
  • The date, time, and location of your meeting with your trustee

At this point, your case has been filed. Congrats! The automatic stay now protects you from all debt collectors. Your trustee will then contact you for further financial documents you will need to provide. Make sure to attend your meeting as well as complete the post-filing bankruptcy debtors course.

Why Use DoNotPay to Know How To Claim Bankruptcy

Filing and claiming bankruptcy can take so much emotional toll and stress aside from dealing with the loss of your finances. DoNotPay is your best choice in filing for one because it is:

  • Fast - You do not have to spend so much time searching for grounds to file a bankruptcy claim.
  • Easy - It’s just five steps and with your documents, you’re good to go.
  • Successful - You can rest assured that DoNotPay is making the best case for you.

What Else Can DoNotPay Do?

DoNotPay offers more than just services that will help you file for bankruptcy. Sign up today to find out!

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