how to file for bankruptcy how to file for bankruptcy


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Filing for Bankruptcy


After obtaining guidance from a credit counselor and after putting into consideration which type of bankruptcy you should file for, the next thing to know is how to actually file for it. When filing for bankruptcy, there are certain things that you will need to present and steps that you should follow.

When filing for bankruptcy, you will have to present your past due bills, your paycheck stubs, your tax returns and your bank statement. Of course, you should approach a bankruptcy lawyer and a personal lawyer.

After securing all the necessary papers and documents, you should then contact a debt relief agent, otherwise known as a bankruptcy lawyer. One can be easily found by coordinating with local bar associations in your area. They should have a good reputation because he will be helping you understand all the pros and cons of the action that you are about to take. He will be the one to help you ease your situation; therefore, he should be credible.

Make a list of everything you owe and discuss your secured and unsecured debts with your lawyer and provide him with all the details and proof of the income that you have generated within the last six months. You should also discuss which of your personal debts will be eliminated and those that will not be eliminated by filing for bankruptcy.

Prepare a petition for bankruptcy and review it with your attorney. The petition will have to be signed in several places to prove that the information which you have given is true and correct. Your attorney will then file your case electronically and each of your creditors will be notified by the court together with a Notice of Commencement. As soon as your case is filed, it immediately goes in effect.

Ask your lawyer which of your assets can be marked “exempt”. This will save your assets from repossession. After your case has been filed, you and your lawyer will have to attend a Meeting of Creditors. This is to ensure the court that you will comply with the additional rules in bankruptcy and assume that the hearing will flow smoothly.

The cost of filing bankruptcy will all depend on your country or state as each has its own rates. Aside from this cost, you will also have to spend money for other items such as processing fees and lawyer’s fees.


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