Filing Bankruptcy

 When the load of debt reaches extreme, you might have to file for bankruptcy but must be aware that filing bankruptcy is a very detailed process and you may not have a clue about how to go about this course. There is a time frame assigned that must be met to get your bankruptcy filed properly to the courts. There are various steps you must be concerned before filing bankruptcy.

The first and foremost step to take is to visit a credit counselor privately or within a group to find out about bankruptcy and learn how it could be avoided. Secondly you need to file a petition with the bankruptcy court within the region you reside and have to pay the legal fees in installments. But this fee might be waived depending on the bankruptcy case you have filed. You need to provide your lawyer with all your personal information and once the documents are filed at the court; you will be assigned a trustee who will mark if all the information provided is accurate.

The next step is the court will review all your creditors’ documents and arrange meetings with the various parties who are involved in your bankruptcy case. The purpose of such meeting is also to try to come to an agreement to solve the problem. Try to notify your creditors about your decision to file bankruptcy, so that they will stop all actions that might have taken against you.

Lastly, your case will be established to be an “asset” or a “non-asset”. Non-asset means your involvement in the court is over and asset means the court will sell your home and other assets you have in your name to pay off your debts. This is a very painful situation, so, it is advisable to improve your , or meet a local bankruptcy attorney who will guide you through the whole process.