Many responsible people are having to file for bankruptcy due to unavoidable circumstances like job loss, and lowered wages, and there is little in the way of alternative funding. The biggest question we ask when we are pinched to the point where we must consider bankruptcy is; how long will a bankruptcy take to finalize? The answer to that question can depend on a few things, like which type of bankruptcy you qualify for and plan to file. There are two standard types of bankruptcy; Chapter 7 and Chapter 13. Chapter 7 is more difficult to get approved, as it is a straight liquidation of assets with stringent regulations and criteria. Most individuals filing for bankruptcy will be forced to file Chapter 13, after filing a 2 page petition and paying a fee to file. Your first step will be the actual filing, followed immediately by the petition to your creditors to stop collecting.
They may no longer demand any funds from you for outstanding debts owed, nor can they take you to court or repossess any property. You will file this petition, with the names and address of all of your creditors with the court, within several days of filing for Chapter 13 bankruptcy. One week after you submit your list of creditors, you will be supplying the court with documentation of your assets, income, expenses, financial plan for the re-organization of finances under Chapter 13, and proof that you are able to stick to your plan. Next, you will meet with your trustees to finalize your financial plan. This meeting will be anywhere from one to three months after your initial Chapter 13 filing, and will take only ten minutes. The meeting will most likely consist of you swearing to tell the truth, and then answering questions that will be recorded. Your creditors will have the opportunity to ask you about your financial plan. Very rarely do creditors actually show up for these meetings. The repayment plan begins after this meeting.

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Although bankruptcy is one of the options to get rid of the debts, this is not the piece of advice a professional would give you. On the other hand, a lender would never like to lose his money anyway.Think from the other side, if you are a lender. Would you like your consumer to file a bankruptcy? No creditor would afford bankruptcy during this financial crisis. This is natural fact, that a person will always fear the bankruptcy of his debtor, so he will always accept his negotiation deal instead of loosing all the money.You must also use bankruptcy as a threat but never give it a second thought. It will badly affect your credit report and it would also lower you scores. Take it seriously. You might not able to get the chance of getting a loan for next seven or eight years.Just keep your lender informed that you are thinking to file a case credit card bankruptcy. It would not give the creditor a chance to think again. He would at once agree to have negotiations with you.Be a smart player of the game, but don’t be extra smart. Take the help of a debt relief network to meet the best settlement company to settle your debt with the creditors. Debt settlement is the golden chance you will be getting. It would be like a bless knocking at your door. This is your chance to get out the whirl of the debt.

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