Filing For Bankruptcy
If you have decided to go ahead with filing for bankruptcy, you could benefit from the legal expertise and assistance of an attorney.
Call Now for Immediate Help (855) 254-7841.
Contrary to perception, filing for bankruptcy does not leave you without a home or possessions. However, there are different kinds of debts that can be discharged under different categories of bankruptcy.
How to file for Bankruptcy?
Analyzing Debt
Once you have decided to file for bankruptcy, you need to analyze your debt to determine the kind of bankruptcy you will file under. Remember, there are certain debts, including child support and alimony that cannot be discharged through bankruptcy. Analyzing your debt will help you choose the right bankruptcy Chapter to file under. You may need legal help for this.
Filing the forms
This step comes after you have determined your eligibility for bankruptcy. Forms are different for different types of bankruptcy.
However, regardless of the type of bankruptcy you file under, you need to list all your debts. Any unlisted ones will not be discharged. Also keep in mind your cosigners as the debt does not get discharged for them even if you are filing for bankruptcy.
Depending on the kind of bankruptcy you file, you will be appointed a trustee to help you fill the forms. In Chapter 7 bankruptcy, the matter may be resolved entirely by the trustee working away from the courthouse.
Credit counseling and debtor education
These are courses conducted before and after the bankruptcy and the court must be presented with certificates of completion before discharges are issued.
Attend meeting with Creditors
This may involve meeting with creditors where questions about the debt and repayment are asked and will need to be answered. This step occurs in Chapter 7 bankruptcy filing.
Depending on the Chapter you are filing under, you may attend hearings.
Get the discharge
- This is the formal order discharging your debts. It exempts you from the legal requirement of paying the debts you listed. It also prevents your creditors from communicating with you in any manner regarding the debt. A discharge is a permanent order and your creditors will also receive a copy of the discharge form.
Debts can be discharged and you may even be allowed to keep all of your assets or possessions. A professional attorney conversant with Chapter 7 bankruptcy can better guide you on the details of the filing you need to do, if at all. A debt which is not dischargeable under one chapter may be dischargeable under another. Some chapters allow a discharge after completion of all designated payments.
Checklist for considering legal help for bankruptcy:
- If you are already repaying a debt but the amount isn’t reducing. It may even grow larger through interest accumulated over time. This can include home mortgages
- If your debts are such that you are tempted to make repayments from out of savings funds, including your retirement fund, it may be time to declare bankruptcy
- If you have dependents, such as children, and you are a single mother, you may need to file for bankruptcy just so that your dependents do not suffer
What we do
At Legal Rights Advocates, we are a team of lawyers who understand bankruptcy. But more importantly, we believe in connecting with our clients to understand them better and help ease their anxieties. Understanding our clients better also helps determine the kind of bankruptcy applicable, thus arriving at a more effective solution. At times, this has allowed our clients to rebuild their credit and lead a normal life again.
If you feel you are in the grips of a financial crisis and the debt threatens to grow bigger, give us a call at (855) 254-7841 to discuss your situation and determine your options.
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