Filing bankruptcy can take six months and cost thousands of dollars. If you’re filing Chapter 7, it’s a good bet you don’t have that kind of time or money. You need to get free from your debts NOW!
Nation, bankruptcies in the United States surged to over 1.5 million after the last recession in 2010 and everything is pointing to another jump in filings this year. That means an overwhelmed system, higher attorney fees and a longer process to get you the fresh start you need.
You start the bankruptcy process by analyzing your situation and options. If you’re unable to pay your debts or if paying them is going to mean living in poverty for the next three- to five-years, you might consider bankruptcy as a way to get free of your debt.
Next in the process come the forms…lots of forms. This can be two or three sessions with a lawyer because it includes paystubs for the last 60 days, tax returns for the last two years, and about two hours of listing out all your debts and finances.
Between three to five weeks after filing, you’ll go to what’s called a 341 meeting of creditors. This is where the trustee, the official court person assigned to review your documents, will ask you some basic questions about your debts.
Upsolve was created to help people who can’t afford a lawyer. It’s helped relieve over $207 million in debt. It’s almost entirely funded by government grants and charities and doesn’t collect a dime from people.
If you’re considering filing bankruptcy or just don’t know if you can keep up with your debts, check out Upsolve. If you qualify to use the app it could save you thousands in lawyer fees and make filing easier than you might imagine.