How do I file for bankruptcy?

You should contact a bankruptcy attorney for advice.

Schedule a consultation with a BK attorney. Most do not charge for consults. I ask my clients this question: "Is there a reasonable possibility that you can pay your debt within a reasonable time frame?" Answer is usually no. In that case BK makes sense. But there are lots of details that an experienced BK attorney will evaluate to get a final answer.

Chapter 7 bankruptcy would certainly be a good option.

Based on your description it sounds like you should at least be considering bankruptcy. In Massachusetts, any household with an annual income of only $50,000.00 will qualify for a Chapter 7 case (based on the median income in Massachusetts as determined under the Means Test). Even so a Chapter 13 may be in your best interest if you have certain specific real estate situations. You should begin by finding a qualified bankruptcy attorney that you can trust. It is important to give your attorney all the necessary documents so that he or she may properly evaluate your situation. These documents include, but are not necessarily limited to, your credit reports, your federal tax returns (with all schedules, worksheets and supporting documents) for the past two tax years, your past six months of pay stubs, your past six months of bank statements, all collection letters, any statements regarding investment or retirement accounts, an appraisal or brokers price opinion for any real estate you have and a Kelly Blue Book report for any vehicles you own. Your attorney may want more information and other specific documents depending upon your situation. The sooner you pull these documents together then quicker you can get your case filed, so there is no time like the present to start pulling together the documents.

The first step in filing for bankruptcy is contacting an attorney who specializes in bankruptcy. Filing for bankruptcy is a complex process and it is often in a debtor's best interests to hire an attorney to assist with filing a bankruptcy petition. age and/or any attachments and if you are not the intended recipient, do not disclose the contents or take any action in reliance upon the information contained in this communication or any attachments. Treasury Department Circular 230 Disclosure: To ensure compliance with the requirements of the U.S. Treasury Department Regulations, I am now required to advise you that any federal tax advice contained in this e-mail is not intended or written to be used, and cannot be used, by anyone for the purpose of avoiding federal tax penalties that may be imposed by the federal government or for promoting, marketing, or recommending to another party any tax-related matters addressed.

Whether you should file for bankruptcy or not is too complicated to answer from a brief question. I recommend that you find a bankruptcy attorney in your area and meet with them to discuss your situation. Usually, the attorney will have a form for you to complete prior to meeting with him or her. Also, many bankruptcy attorneys will meet with you for no charge for the initial consultation.

The first step is setting up a free consultation with a local bankruptcy attorney. Make sure it's someone who is a member of NACBA (National Association of Consumer Bankruptcy Attorneys) and someone who has been doing bankruptcies for a while. The attorney will ask you questions about your assets, your debt, your income, your expenses etc., they'll explain the bankruptcy process to you and whether you qualify, what other options you have and how much it will cost. Good Luck

You need to hire an attorney who can evaluate your financial situation and determine if bankruptcy is good for you. Like myself, many attorneys will provide a free consultation for the first meeting where you will provide necessary financial information.