Eleven Eleven Media

More Individuals Looking into How to File for Bankruptcy as Recession Continues

 

Ormond Beach, FL -- (ReleaseWire) -- 10/20/2011 -- According to the expert bankruptcy lawyers associated with the information and advisory Website howtofileforbankruptcy.com, more underwater homeowners facing foreclosure are considering bankruptcy filing. The Website gives detailed information on how to file for bankruptcy as well as providing free legal advice for those considering the move.

Over 1.5 million people turned to bankruptcy for help last year. The legal process allows an individual or business to have their debts eliminated (chapter 7) or create repayment arrangements (chapter 13). “As underwater mortgages increase and more individuals are facing long-term unemployment, we’re seeing more people looking into how to declare bankruptcy from our associated lawyers,” said the advisory Website’s representative.

Deciding to declare bankruptcy is a difficult and emotional decision. The bankruptcy advisory Website representatives were quick to point out that the process has complex rules and limitations that apply to both types of personal bankruptcy. “If you're facing an unmanageable financial situation, failing to take action will only prolong your misery, so we created the Website and the free lawyer advice option so that people can quickly see if it is a viable option for them,” said the Website representative.

Many people still have strong misconceptions about how to file for bankruptcy, namely how it will affect their credit standing both in the future and in the here and now. “Declaring bankruptcy won't make an individual’s credit any worse than it is, and some lenders will still extend them credit,” said the Website representative.

In most cases, the entire process of filing Chapter 7 bankruptcy takes about four months while the average successful Chapter 13 bankruptcy case takes anywhere from 36 to 60 months to reach full resolution. This includes the filing, negotiation and repayment process. “We want people to come to our Website and learn how to file bankruptcy and then contact one of our lawyers before they reach the panic mode,” said the representative. “That way they can calmly look at their options for getting their financial lives back on track with a professional that can advise them on their options.”

For more information and to call for a free advisory session with a lawyer, please visit http://www.howtofilebankruptcy.com/

About Howtofileforbankruptcy.com
Howtofileforbankruptcy.com is a Website that provides free information on the process and types of bankruptcy. Intended for people facing severe debt, the Website delves into Chapter 7 bankruptcy filing, which is intended for individuals who wish to have their debt wiped clean in its entirety and Chapter 13 filing for those with the means to make a repayment settlement arrangement. Bankruptcy filing, according to the Website, is an option that allows people to retain their assets and begin the process of rebuilding their credit and financial lives.