How a Chapter 7 Bankruptcy Saved MeHow a Chapter 7 Bankruptcy Saved Me
I paid $1,400 and got $60,000 in debt completely erased.don't make it an option. I'll have to admit, one of the better financial moves I've made in the last few years. Once you submit a petition request for bankruptcy the courts order a "Meeting of Creditors" or a "341 meeting"... 60 days later a Meeting of creditors.OOHHH..Meeting of CreditorsAs stated above, you are REQUIRED to be at that meeting. I know. And a guy that came in the middle of the night and Repossesed my Ford Ranger. I had a mortgage company that wanted my default mortgage deed "paid in full"...This still doesn't discharge your debts, whether creditors show up or not they still have 45 days from the 341 meeting I had this image of a stern court judge and five bitpull attorneys tearing me apart.If all goes well, in around 60 days after that complete and total discharge of all my debts..Sounds scary don't it..I was in a bad place financially and with bruised pride had to ask for help from family and friends.GASP. Nine credit card companies (they use to be so nice to me) that couldn't understand the concept of being "laid off".Naturally every case is different, and conclusions and outcomes may vary.. Basically a petition was filed along with documentation of my complete financial status..BANKRUPTCYI went in knowing absolutely nothing about the process, all I knew was that I was $60,000 in debt.I filed for chapter 7 bankruptcy about a year ago.. Depending on what your financial situation is you may feel like that isn't an option.First, My suggestion is to find a really good Bankruptcy Lawyer. As it turns out the judge, she was really nice and get this, NO CREDITORS SHOWED UP. In this time you may be asked for more documents showing proof of your financial status.MAKE IT A PRIORITY!My total costs added up to $1,400 for the use of a