How To File For Bankruptcy?

Well there are different forms of bankruptcy there is chapter 7 which I believe is you don't pay anything back to the people you owe but you have to give up most of those things like your car if you owe for it maybe even your home if you file it. It depends on what you turn in on the bankruptcy there is also chapter 13 where you pay the collectors that you owe the lawyer will base how much you pay monthly on how much you make and how much you have to pay for things you cant turn in like your power bill, food,gas things like that you can call a lawyer most do a free consultation find one that says debt consoladation to because you may be able to do that instead the down side to filing is it stays on your credit report for 7 to 10 yrs. You want be able to buy anything like a car or home without the approval of the bankruptcy court. Once you come out of it you'll have to pay things on time for at least two yrs. Before anyone will even consider giving you credit. Hope This Helps

Could be disadvantages depending which chapter you file. Hide your money( whatever is left) take it out of the bank,IRA whatever cause they'll attach it once you file. Hide any vehicles that are paid for( i.e sell it to your mom for a buck just to get your name off the title.) secure all that you can before filing. Get a lawyer who'll pork you and get it over with. See what would be the best options for your situation.

1) Determine a Chapter to File: If you’ve decided your only option is to file
  for bankruptcy, you need to first figure out which type you’re going to file.
  Bankruptcy is a legal proceeding that must be filed in bankruptcy court, so
  it’s a good idea to consult a legal professional for advice on which chapter
  to file.
2) Get a Bankruptcy Lawyer: Again, bankruptcy is a legal process and
  involves extensive paperwork, filing, and other proceedings.
3) NOTE: Before you can file, you need to enroll in and complete an
  educational course through an approved counseling agency. This is a new
  mandate for those filing bankruptcy.                
4) Meet with Your Creditors: Part of the bankruptcy process is for you and your       lawyer to meet with your creditors and their lawyers. This meeting is typically 30 days after your first file and held by your trustee.

Cons of bankruptcy: You need to wait at least two years before trying to apply for a loan or credit card. You take a chance of losing some of your assets, depending on what chapter of bankruptcy you file. You have to pay a lawyer in advance for representing you in the proceeding. Your credit history does suffer until you start your credit repair and build up good credit again.

Source: www.bills.com