6 Important Steps to Follow When Filing for Bankruptcy
As you file for bankruptcy, you should be willing to go through credit counseling, fill out required paperwork, determine which one of the bankruptcy chapters applies to your case, submit the names of all your creditors, pay your fees and send all information to your local bankruptcy court.
If you find yourself so completely swarmed with overdue bills to that you do not have the capacity to pay, filing for bankruptcy might be your best option. Bankruptcy, in legal terms, is a process that involves declaring an individual or organization unable to pay creditors. If you plan to use cheap bankruptcy filing florida, plan to follow these specific steps.
First get professional credit advice
The Bankruptcy Court of the US formed courses for credit assistance. If you're thinking about filing for bankruptcy, you will have to take two classes as this will help to determine whether bankruptcy is in fact right for you, and whether or not there may be ways around paying the debt. You will want to refer to the list of approved credit counseling classes that your local bankruptcy court will surely offer you. Then you have the choice of taking a credit counseling class on the Internet or by telephone.
Step 2: Complete the requisite paperwork
You will be able to easily and quickly get a copy of the bankruptcy forms that you are required to sign just by downloading them at the US Bankruptcy Court website. Personal information about your financial standing, assets, income, and debts are typically required for these documents. Be sure to complete all the required fields with information that is accurate and up to date. If you navigate to the website you will be able to view samples of completed documents. The completed documents should be submitted at the court of bankruptcy.
Step 3: Which chapter of bankruptcy you should file should be decided upon
The Federal Bankruptcy Law has different chapters that apply to different aspects of bankruptcy and entail different responsibilities. For example, Chapter 7 bankruptcy involves completely liquidating your assets, while a Chapter 13 requires that you set up a system of repayment for your creditors over a period of 3 or 5 years. You must make sure you have figured out which of the chapters is relevant to your financial situation.
Step 4: Enter a list of all of your creditors
It is imperative that you quickly provide a list of your creditors and details about your debts. Be certain that your list is filled out in full with accurate information of your debts to each creditor. If the information you supply is not complete they may require another fee to enter the additions.
Step Five: Make sure your fees are paid
You can refer to your local bankruptcy court to find out the total amount of fees you must pay. Typically, bankruptcy courts accept only money orders as a mode of payment. While making payments through money orders, make copies as your proof of each payment.
Step 6: Send the requirements to the bankruptcy court in your region
Find the closest bankruptcy court and submit your money orders, forms and counseling certificates. After you've sent in everything that you need to, you will get a letter confirming that you filed for bankruptcy.
The idea of bankruptcy allows a bankrupt person to begin anew and opens paths for the future even if they can't pay their debts.
As you file for bankruptcy, you should be willing to go through credit counseling, fill out required paperwork, determine which one of the bankruptcy chapters applies to your case, submit the names of all your creditors, pay your fees and send all information to your local bankruptcy court.
If you find yourself so completely swarmed with overdue bills to that you do not have the capacity to pay, filing for bankruptcy might be your best option. Bankruptcy, in legal terms, is a process that involves declaring an individual or organization unable to pay creditors. If you plan to use cheap bankruptcy filing florida, plan to follow these specific steps.
First get professional credit advice
The Bankruptcy Court of the US formed courses for credit assistance. If you're thinking about filing for bankruptcy, you will have to take two classes as this will help to determine whether bankruptcy is in fact right for you, and whether or not there may be ways around paying the debt. You will want to refer to the list of approved credit counseling classes that your local bankruptcy court will surely offer you. Then you have the choice of taking a credit counseling class on the Internet or by telephone.
Step 2: Complete the requisite paperwork
You will be able to easily and quickly get a copy of the bankruptcy forms that you are required to sign just by downloading them at the US Bankruptcy Court website. Personal information about your financial standing, assets, income, and debts are typically required for these documents. Be sure to complete all the required fields with information that is accurate and up to date. If you navigate to the website you will be able to view samples of completed documents. The completed documents should be submitted at the court of bankruptcy.
Step 3: Which chapter of bankruptcy you should file should be decided upon
The Federal Bankruptcy Law has different chapters that apply to different aspects of bankruptcy and entail different responsibilities. For example, Chapter 7 bankruptcy involves completely liquidating your assets, while a Chapter 13 requires that you set up a system of repayment for your creditors over a period of 3 or 5 years. You must make sure you have figured out which of the chapters is relevant to your financial situation.
Step 4: Enter a list of all of your creditors
It is imperative that you quickly provide a list of your creditors and details about your debts. Be certain that your list is filled out in full with accurate information of your debts to each creditor. If the information you supply is not complete they may require another fee to enter the additions.
Step Five: Make sure your fees are paid
You can refer to your local bankruptcy court to find out the total amount of fees you must pay. Typically, bankruptcy courts accept only money orders as a mode of payment. While making payments through money orders, make copies as your proof of each payment.
Step 6: Send the requirements to the bankruptcy court in your region
Find the closest bankruptcy court and submit your money orders, forms and counseling certificates. After you've sent in everything that you need to, you will get a letter confirming that you filed for bankruptcy.
The idea of bankruptcy allows a bankrupt person to begin anew and opens paths for the future even if they can't pay their debts.
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