If you have so much debt you can never repay it, then filling out application forms for debt management, debt settlement or debt consolidation companies may not help you. With debt management, you will meet with a credit counselor to find out how you can stretch your money, pay down high credit card balances, curb your spending habits and save more money each month. With debt settlement, you will agree to pay off your creditors at a reduced amount in one or two large lump sum payments. With debt consolidation, you will pay your creditors all that you owe but in one affordable monthly payment to a third party to simplify things. If these don’t seem like viable options to control your situation, then you will need Chapter 7 bankruptcy forms.

Once you’ve filled out the Chapter 7 bankruptcy forms and received the order of relief, a court clerk will send official notices to your creditors and will set up a meeting to allow your creditors to question you about your debts. You’ll meet with a trustee and the people you owe money to, usually within 30 days of filing. Many people like to have the help of a legal professional during this time. In most cases, there are no objections, but sometimes creditors may have some evidence that you applied for credit under a false pseudonym with intent to deceive, that you borrowed money knowing you could never pay it back or that you’re hiding assets to get out of your financial responsibilities. In this case, the creditors may file a proof of claim against you within 60 days of the meeting. If no objections are raised, then you’ll receive a discharge after the 60 day period.

If you’re worried about losing assets after filling out Chapter 7 bankruptcy forms, then you may want to consider Chapter 13 bankruptcy forms instead. The primary benefit of choosing Chapter 13 over 7 is that this type offers you the opportunity to stop your home from foreclosing. While you will still have to make payments on your home, the bankruptcy gives you the ability to catch up on missed payments without court proceedings. The other benefit of Chapter 13 is that you can reschedule other secured debts and lower monthly payments. A Chapter 13 filing is similar to a consolidation loan, where the debtor pays a trustee, rather than the original creditors, which may be a relief if the creditor calls have gotten nasty. Also, filing Chapter 13 will protect any co-signors from sharing your financial ruin. If you’re unsure if you qualify, then you may want to speak with a legal professional about your case. Many attorneys offer free initial consultations.

You can obtain Chapter 7 bankruptcy forms from a number of places. Most people go to legal professionals to get another opinion on their situation, to learn about bankruptcy alternatives, to ensure they fill out all required documents on schedule and to brush up on bankruptcy law. Some people filing Chapter 7 opt to do it on their own by downloading online forms and mailing them in. Bankruptcy books, software and kits also exist to help you through the process.