Ten Steps of Obtaining Bankruptcy Protection

Step 1

The fact that you are looking into and researching whether or not you need to seek protection under our Federal Bankruptcy Law indicates that you believe you are or are about to become "insolvent."

"Insolvency" is having more in total debt than the fair market value of all of your assets. Put another way, that if you sold off everything you owned in an attempt to pay off all of your debt you would come up short and would need some form of special protection from your creditors because the only thing left for them to take is your paycheck.

Pat yourself on the back

The first step in seeking bankruptcy protection is one you should take some pride in; you are being proactive about your financial hardship and are looking for a workable solution BEFORE your creditors decide a solution for you. Good for you!