When all else fail, filing bankruptcy may be your only option. Is filing bankruptcy so bad?
Surprisingly, no. If filing bankruptcy is your only option after you have exhausted all others, then it may be your
best choice that will give you a fresh start in life. Sometimes, filing bankruptcy is a good thing. Some people are
even filing bankruptcy online. But, you should do it with extreme
caution. Filing for bankruptcy is not to be taken lightly. The consequences of filing bankruptcy stay on your
record and your credit report for a very long time.
Filing for bankruptcy - what happens now
The day you file for bankruptcy is a very important day. You
would have undoubtedly prepared for bankruptcy filing a long time. Now your bankruptcy filing day
has come. Remember that once you have filed for bankruptcy, you are immediately under the
protection of the US bankruptcy court. The United States bankruptcy court and laws now protect you
against your creditors.
Creditors can no longer contact you and if they have filed any lawsuits against you, the
lawsuits are now suspended. This is the nature of the bankruptcy protection which you just filed for.
Signing bankruptcy petition
When filing bankruptcy, you need to sign your bankruptcy petition which is usually 35 pages
long. You must read your bankruptcy petition carefully to ensure that you understand the information on it and
everything is accurate. If you are filing for Chapter 13 bankruptcy, you will also have to review the Chapter 13
bankruptcy repayment plan before you sign. You are signing the bankruptcy filing paperwork under the penalty of
perjury. That means if you lie or hide something you will be charged with federal crime. The petition for
bankruptcy filing will come up in your bankruptcy hearing which follows.