The best solution in this case is to consult with a professional, which credit-yogi.com can provide to you free of charge. A reputable debt management law firm will provide you with the facts that are most important to the filing of a successful bankruptcy, and should be willing to help identify specific cases where the rules can be used to help out in your specific situation. There are many government agencies that will offer similar services, although generally these will take the form of dissemination of information rather than a personal discussion of your situation.
Firms that specialize in loan consolidation are less likely to be helpful in this situation, but you may have been dealing with one in your attempts to avoid getting in to a bankruptcy situation in the first place. If so, it may be time to start a relationship with a law firm, and then by all means ask for their advice on the issue of filing for bankruptcy. A consult with a bankruptcy attorney with reputable firms will offer you a free consultation. They should expect you will research to make sure that the firm you have chosen to talk to is reputable, established, and is certified by the American Bankruptcy Institute or similar certification.
It has become common for small firms to become processors of bankruptcies offering a lower than normal fee. These firms should be chosen carefully as they may not be a good fit for a complicated bankruptcy or those with a variety of assets. Try to find a firm that fits your particular situation. A smaller firm might be all you need if your case is a fairly straightforward one, and they will generally charge less than the larger firms. A larger firm might be needed, whatever the expense, if your situation is complex or would require expert financial evaluation of your worth and obligations.
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You should particularly seek the facts on Chapter 7 and Chapter 13 bankruptcy. They are quite different both in terms of who qualifies and in how they affect your particular situation. Whether you consult with a debt management firm, a loan consolidation firm, or a bankruptcy attorney make sure that you get a clear explanation of these facts and ask questions if you do not fully understand what you are being told.
The professionals get their rules and facts from the Federal Rules of Bankruptcy Procedure. If you are curious, it is available on line at www.uscourts.gov. The bankruptcy code is a document full of proper legal jargon, and contains many procedural rules, which may or may not have to do with your situation. The document is also very long and, unfortunately, quite tedious for those without legal training to try to understand. A professional can interpret this rather dry material and present you with understandable facts. You will be setting yourself up for success by getting the facts from a professional. With their assistance, you may find it easier than you thought to get through the information gathering process. You can then proceed with confidence to pursue filing for bankruptcy and getting out of debt.
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