Seek help from a bankruptcy lawyer to help you identify if bankruptcy is the best option for you. Thereafter, what type of bankruptcy you should file.
Bankruptcy can be complex sometimes. It’s not as simple as filling out some paperwork, pass it to the court and voila! You’re done.
Bankruptcy is a legal process which involves certain protocols you should follow accordingly. That is why you should hire an expert because a lawyer can guide you what step to take in order to avoid troubles with your creditors, trustee and the court.
What is the proper way of filing for bankruptcy?
Compile all your financial records. Preparing and listing all documents containing your financial information in advance will not only help you but other people who helps with your case as well.
Collect all significant documents such as your debt record, income, assets and properties, and monthly household living expenses. They can immediately understand the situation you are in.
Receive credit counseling within 180 days before filing for bankruptcy. This is the next step you must do. It is of utmost importance to get counseling from an approved agency because if you fail to do so, your petition will not be accepted.
Through credit counseling, you can determine the appropriate type of bankruptcy and the agency will even help you with a repayment plan.
File a petition for bankruptcy. Now this is the part where you should be extra careful and maybe hire a bankruptcy lawyer. Because first, you probably don’t understand federal and state bankruptcy laws and which one applies to your case.
You also need help to complete a lot of forms. Lastly, you have to follow proper procedures in court because it could affect the outcome of your case in a way you will not like.
Meeting with the creditors. After your bankruptcy case is accepted, your creditors receive a notice that you include debts to them in your petition.
For about three to six weeks later, the trustee will set a meeting for you and the creditors. Your creditor might come or will just send a representative to ask you or the trustee some questions. On the other hand, you must be present in the meeting.
Post-bankruptcy credit counseling. Post-bankruptcy counseling is done this site differently depending on what type of bankruptcy you file for, either it’s Chapter 7 or Chapter 13.
For Chapter 7, it must happen within 45 days of the creditors meeting. For Chapter 13, it must take place before the day you make the last payment or the day this site you file a motion to discharge the bankruptcy if you won’t finish the payment plan.
Make sure to get a post-bankruptcy counseling to complete your bankruptcy and discharge your debts.
A lot can happen while you are processing your bankruptcy case. One decision can make or break your chance of eliminating your debts. So, to avoid more complications, seek help from a bankruptcy lawyer who knows better.
Understand more about bankruptcy. Consult with the most trusted and reliable bankruptcy lawyers in Annapolis MD. Visit Baneylaw, PC at Parkway Suite 300, 1997 Annapolis Exchange, Annapolis, MD 21401 or just call 571-620-6715.