By Lila Barry
Sometimes when a person is too drowned in debt, then he has no other choice than to take the drastic measure of filing bankruptcy so that his creditors cannot get to him or his money. Of course if he does this, then there are certain processes that he will have to undergo in order to complete this thing. Now just to get an idea on how this is done, here is a short step by step guide on how to file for bankruptcy.
Of course the first thing to do would be to get in contact with a good bankruptcy lawyer as he will be the one who will be doing all of the dirty work in the case. Now take note that there is a chance that the filer will lose the case to his creditors. That is why he will be needing a really good attorney or lawyer to help him out.
During the first visit to the attorney, one must remember to collect all of his financial documents so that the lawyer may review them. By financial documents, this means that one must bring his outstanding bills, his loans, and tax returns. He must also not forget to bring all bank statements for the last six months.
After taking a look at all of these documents, the lawyer will urge his client to make a petition which is basically another document that shows all of the debts of the client. Always remember to be honest when making the petition because if the client is caught lying, a jail sentence awaits him. Also, do not forget to include all the respective creditors in the list.
After the lawyer has gone through all of the paperwork, he will discuss which debts can be discharged and which ones will stay after being bankrupt. The thing about debts is that not all of them can be erased even after being bankrupt. However, debts like delinquent taxes and student loans are very hard to be erased.
Lastly, one must provide proof of income and of course the sources of his revenues for the last six months. The court will be needing this information in order to verify if the individual really is bankrupt. This is done because there are actually some people who fake bankruptcy in order to escape creditors.
The last thing to do would be for the lawyer to file the petition online. Once this is done, then all the creditors must be noticed of the filing so that they can stop all attempts to collect the debt until the hearing is done. Now take note that before the lawyer files the petition, the client must first sign the petition in all the necessary places.
So when one is done filing bankruptcy, then he will have to attend a hearing. He will be meeting with all his creditors in an event called the Meeting of Creditors where in the judge will review the petition. If everything goes smoothly, then all of his debts will be discharged by the judge.
Of course the first thing to do would be to get in contact with a good bankruptcy lawyer as he will be the one who will be doing all of the dirty work in the case. Now take note that there is a chance that the filer will lose the case to his creditors. That is why he will be needing a really good attorney or lawyer to help him out.
During the first visit to the attorney, one must remember to collect all of his financial documents so that the lawyer may review them. By financial documents, this means that one must bring his outstanding bills, his loans, and tax returns. He must also not forget to bring all bank statements for the last six months.
After taking a look at all of these documents, the lawyer will urge his client to make a petition which is basically another document that shows all of the debts of the client. Always remember to be honest when making the petition because if the client is caught lying, a jail sentence awaits him. Also, do not forget to include all the respective creditors in the list.
After the lawyer has gone through all of the paperwork, he will discuss which debts can be discharged and which ones will stay after being bankrupt. The thing about debts is that not all of them can be erased even after being bankrupt. However, debts like delinquent taxes and student loans are very hard to be erased.
Lastly, one must provide proof of income and of course the sources of his revenues for the last six months. The court will be needing this information in order to verify if the individual really is bankrupt. This is done because there are actually some people who fake bankruptcy in order to escape creditors.
The last thing to do would be for the lawyer to file the petition online. Once this is done, then all the creditors must be noticed of the filing so that they can stop all attempts to collect the debt until the hearing is done. Now take note that before the lawyer files the petition, the client must first sign the petition in all the necessary places.
So when one is done filing bankruptcy, then he will have to attend a hearing. He will be meeting with all his creditors in an event called the Meeting of Creditors where in the judge will review the petition. If everything goes smoothly, then all of his debts will be discharged by the judge.
About the Author:
You can visit the website aallparalegal.com for more helpful information about A Step By Step Guide Filing Bankruptcy
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