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I Filed Bankruptcy: Understanding the Process and Moving Forward
Bankruptcy is a legal process that allows individuals or businesses to seek relief from overwhelming debts. It is a difficult decision to make, but sometimes it is the best course of action for those facing insurmountable financial challenges. In this article, we will explore the process of filing bankruptcy and discuss the steps to move forward after doing so.
The first step in filing bankruptcy is consulting with a bankruptcy attorney. They will guide you through the process and help determine which type of bankruptcy is most suitable for your situation. There are several types of bankruptcy, but the most common are Chapter 7 and Chapter 13.
Chapter 7 bankruptcy, also known as liquidation bankruptcy, involves the sale of non-exempt assets to repay creditors. It is typically preferred by individuals with little to no disposable income. On the other hand, Chapter 13 bankruptcy, also referred to as reorganization bankruptcy, allows individuals with a steady income to create a repayment plan over a period of 3-5 years.
Once you have chosen the appropriate bankruptcy type, your attorney will assist you in preparing the necessary documentation. This includes a list of all your assets, liabilities, income, expenses, and a detailed financial history. It is crucial to be transparent and provide accurate information to ensure a smooth process.
After compiling the required documents, your attorney will file a petition with the bankruptcy court in your jurisdiction. The court will then issue an automatic stay, which immediately halts any collection efforts, including foreclosure, repossession, wage garnishment, and harassing phone calls from creditors. This provides much-needed relief from the constant financial pressure.
Once the petition is filed, a trustee will be appointed to oversee your case. The trustee’s role is to review your financial records, verify their accuracy, and determine if any non-exempt assets can be sold to repay creditors. In Chapter 13 cases, the trustee will also facilitate the creation and implementation of the repayment plan.
Approximately a month after filing, a meeting of creditors, also known as a 341 meeting, will be scheduled. During this meeting, you, your attorney, the trustee, and any interested creditors will discuss your financial situation. Creditors may object to the bankruptcy or question certain aspects of your case. However, with proper preparation and guidance from your attorney, this meeting usually goes smoothly.
After the meeting of creditors, you will need to complete a mandatory financial management course. This course is designed to provide you with the necessary tools and knowledge to avoid future financial hardships and make informed decisions.
Once all the necessary requirements are satisfied, the court will issue a discharge. This discharge eliminates your personal liability for most debts included in the bankruptcy, giving you a fresh start and the opportunity to rebuild your financial future.
While filing bankruptcy may initially feel like a failure or a negative step, it can actually be a positive turning point. By taking control of your financial situation, you can relieve yourself from the burden of overwhelming debts and begin the journey towards financial stability.
Moving forward after filing bankruptcy requires careful planning and responsible financial management. It is essential to learn from past mistakes, create a realistic budget, and rebuild your credit by making timely payments on any remaining debts. Over time, with a disciplined approach and commitment, you can rebuild your credit score and regain control of your financial well-being.
In conclusion, bankruptcy is a legal process that provides individuals and businesses with relief from overwhelming debt. It involves consulting with an attorney, determining the appropriate bankruptcy type, preparing necessary documentation, filing a petition, and attending a meeting of creditors. Despite the initial challenges, filing bankruptcy can be an opportunity to start afresh and work towards financial stability. With proper guidance and responsible financial management, individuals can rebuild their credit and regain control of their financial future.
It's morally wrong and unethical not paying your debt as it should.
Hey brother. I know this is still fresh. But credit is not bad, BAD credit is the problem. Debt used properly will give you freedom. Dont use debt for vacations, cars, etc. Use debt to buy assets or businesses that will make you money (rental property, start a business, etc) …. Credit allowed me to buy my first rental property and life has been good from there. It's all about learning how to manage credit RESPONSIBLY!
Just make sure you know your burn rate well in advance and do what you can to pay off nondischargeable debt first (ahem… student loans). Bail all equity out of any house, and run up the cards for necessities ( no cruises or other stupid stuff). The trick is to be able to max everthing out and still get by while adjusting your income to qualify for a no asset chapter 7. Stop using cards at least 6 months before you punch out. This is also the measuring period for income. Make sure your car is at least 910 days old when you go BK. Hey I did not write the rules…. Wall Street did.
Raw!❤
I will never have that financial freedom. It’s depressing
My parents declared bankruptcy my senior year of high school. That event made me more cautious with money. I was over my head in debt in my early 30s. I juggled the books for years. Somehow made it through 2008/2009 and paid my home off in 2013. I have been mostly debt free for 10 years and it has been a lot more fun!. Although now I have invested a lot of my savings and feel like a gambling addict when it comes to crypto!
4 Years ago I believe I saw you walking the streets of Larchmont Village next to Koreatown . Was that you? lol I wasnt sure so I didnt say hi. I really have not been watching too many of your vids but, I will still remember how you taught me to trim my eyebrows 10 years ago with that video
This is THE BEST video I've watched in years.
I appreciate your honesty, man.
You being open about your life is going to help thousands of people.
A true alpha will own every negative he's responsibile for and take responsibility. Who do you think has to absorb the cost of your bankruptcy.?… ultimately, it goes to everyone else through higher fees. You say you don't want a hand out…..while both of your hands are out. You are a wanna be alpha…. you claim to be an alpha… you talk the talk but don't walk the walk.
Filing bankruptcy and…. building a new house???? "I didn't have any money to pay the attorney" …while building a new house???
That is why I don’t like to take debt to enrich my life, you are a poor for a reason, so don’t think borrowing money from a bank will solve your problems, I opened a gym with just 6000 dollars at my garage, it toke me 5 years of grinding to open my first gym, I discovered along this 5 years I wasn’t qualified to be a successful gym owner because I was basically stealing people money and offer them less value then they bring in. I was a horrible human being and I had a tones of mental problems, I fixed my faith and my work ethic and my morals and I learned a lot about fitness and business and many different skills and finally got a successful business with zero debt, and when my business in the third year was near to fail, I scale down my business to just few equipments and manage the gym by myself for one year because I rather die then taking a debt. So remember guys taking a debt will not going to help you 10 years down the line
You are obviously a nice guy. However you are not alpha, as I hope you come to realize. Consider getting a job (bro advice)
This is the gayest guy I've seen…corny…alpha gay
Once I advised my friend to go ahead for a bankruptcy based on his situation, but he got cold feet and didn't go for it. and guess what he had to go for bankruptcy at the end after paying more in interests than he actually owe.
Bro…..the house you live in…… WTF……
no – we do not like the raw unedited unfiltered style. 6:20
As Dave Ramsey says, debt is dumb cash is king, and the the payed off home mortgage has taken the place of the BMW as the status symbol choice? STAY DEBT FREE
Thanks for sharing this and being honest. I hope from this point forward you do really well and never have to worry about debt again. All the best!
You should consider a financial advice channel which pays the highest in revenue along with affiliate partnerships intertwined around each video leading towards your own help kit
I wish I could get a fresh start. I would do it all much smarter.
we don't fail baby we learn
I'm a middle age black guy living in Atlanta. I enjoyed watching your video. You kept it very real here. Atlanta has a fake it to you make culture that is so prevalent. I only mention being black, because when I was much younger I use to believe that only black people had financial problems. Thanks again for sharing your life experience.
Flakeboard sheathing? You sound like a Phillie guy. In the northeast flakeboard sucks after several years. Great video. Inspiring. Well done!
A lotta Alpha's go through it.
YOUR A BOSS** your good. Keep this RINGS & SMELL GOODs…. Miss the SHADES.
Only in America can you file bankruptcy then pay for a new home to be custom built
How can you afford to build such a house when you filed for bankruptcy?
Why he is lying he invested 2.5 million with Dillon currier realtor just last month for a property in Newton
Problem with these immoral utubers are they will lie lie and then again lie for views to generate money
I went through chapter 7 after an illness during the 2008 recession. Usually when you get to that point is that things went bad and collided with other situations. I think the way our economy is structured leads to many bankruptcy.
Imagine that!
Speaking to interest, I have a house that I put 20% down on. 2.6% interest rate. Yeah, I'm paying some interest on it, but the amount that I pay for mortgage, interest, taxes and insurance is still at least $500 less than what I'd pay if I tried to rent a small house out here–I'm talking a house SMALLER than the one I own. I wouldn't be saving any money by renting; I'd be losing it and living in a cramped space with a family.
Very insightful! Thanks for sharing Alpha!
He bought too many leather jackets
I went through PSTD because of past debts years ago. I should have gone bankrupt but did not and because of that the PTSD was even worse. Thank God that is all in the past now.
Alfa ! Love the raw show, very cool.
Taking loans = spending money we don't have. We need to cut and fit all the time, don't hang our hats where we can't reach. Our businesses need to grow themselves.
lol deceptive.
Some people never even face a glimpse of success as u did, the BEST PRIME one gets the best in his life may be as equivalent as your bankruptcy
Rich man's grievance that nobody can relate to