Not all business venture is successful and sometimes business owner have no choice but to close the business down and declare bankruptcy. It is a sad truth but it happens. See below to know the process in declaring bankruptcy.
How to File Bankruptcy
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How To / Instruction
Difficulty: Normal
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Step
1Make sure you have no other options before you file for a bankruptcy.
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Step
2Determine which bankruptcy you are going to file. The 2 you are going to be looking into are Chapter 7 and Chapter 13.
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Step
3Determine whether you want a lawyer or if you want to do it yourself.
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4If you decide to go with a lawyer, you are going to meet with him.
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5Find out how much it is going to cost to go through the lawyer.
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Step
6Refer all of your creditors to your lawyers office even if you want to keep them.
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Step
7Now you are going to wait for a meeting of the creditors.
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Step
8Do not use your credit cards while you are in the middle of a bankruptcy.
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Step
9The trustee is going to determine whether or not you have assets that can repay some of your creditors.
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Step
10On the 60th day after the meeting of creditors they can file a lawsuit. If they do not with in the 60 days they can't come after you and you do not have to pay the debt back.
Tips and Warnings
Wish to work.
Smile a lot.
You must look good.
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