We have definitely seen a huge number of bankruptcy filings. According to the Bankruptcy Institute, in July of 2012, there were 97, 287 filings in the United States. In July of 2013, there were a total of 87,684 bankruptcy filings. In 2012, the three top states with the highest number of bankruptcy filings were Arizona, California, and Nevada. A typical bankruptcy can stay on a credit report for as long as 10 years.

A filing Chapter 7 bankruptcy is the most common type of filing. You may be facing a mounting debt, and think you may need to file Chapter 7 bankruptcy. Here is a simple look at filing Chapter 7 bankruptcy.

The first step is to find a qualified California bankruptcy attorney or a Sacramento bankruptcy attorney. Do some research and find one that you can afford. You can get referrals from the state bar, or from family and friends.

When filing Chapter 7 bankruptcy, record all your credit cards and their balances. You may want to have those credit card companies send you the latest account balance. Get all of your banking information together. Call your bank and get statements for any and all savings and checking accounts. You will also need an IRA or similar account statements when filing Chapter 7 bankruptcy.

When filing Chapter 7 bankruptcy, you will need to prove to the court that you cannot pay your debts via your income. You will need to prove this income when filing Chapter 7 bankruptcy. You will then need to show your liabilities and assets. You will need to show mortgage papers to your attorney as a liability. The same goes for any vehicle loans you may have. You will also need to show any other assets such as stocks or business inventory.

When filing for Chapter 7 bankruptcy, you will then file the bankruptcy petition via your San francisco bankruptcy attorney with the court. Your attorney will assist you with this paperwork. Your attorney will then guide you through the rest of the proceedings to the final dispensation of your filing Chapter 7 bankruptcy.

After filing Chapter 7 bankruptcy, you are still able to rebuild your credit. Make sure that you do not get into debt again, so you may want to take a credit counseling course.
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