It's not always easy getting your bills paid on time. The challenges and demands of life can result into financial problems. If you find yourself in a financial bind that you simply can't seem to dig your way out of, you may want to consider filing for a Chapter 7 bankruptcy. However, before doing so, there are certain things you should know about filing for this status.

The Fees

When you don't have a lot of money on hand to pay your bills or your debt, the last thing you want to be faced with is high court fees to file for this legal status. The good news is that the total administrative and court fees for filing for this type of bankruptcy is $335 as of June 2014.

The Forms

It's a great idea to know the types of forms you will need to complete to qualify legally for this status. There are several forms that the court system will ask you to complete and these are listed below:

1. Debt—You must have the exact amount of debt you owe and who it's owed to when filing for this type of legal assistance. It's ideal to have the full name of your lender, the address and phone number listed, as well.
2. Income—The amount of your income will need to be confirmed by you and listed on one of the bankruptcy forms. You should attach a copy of a past W-2 to this form.
3. Expenses—It's necessary for you to list the precise amount of what it costs you to live each month. This should include your rent, clothing and other costs for your monthly survival.

The Time

It's ideal to know how long it will take for your bankruptcy to be completed. It's typical for you to only have to wait 90 days before this entire process is complete, and you will be free of debt. However, once you have filed for bankruptcy, you're creditors will be unable to contact you or harass you in any way.

Dealing with a serious financial problem can be very devastating and cause you a great deal of stress. The best way to handle this issue may involve taking the necessary steps to complete this legal process. Be sure to rely on the expertise of a local law firm like Wiesner & Frackowiak, LC that will know how to advise you correctly and help you navigate the process.