Helpful Tips on How to File Bankruptcy
1 month ago admin Comments Off on Helpful Tips on How to File Bankruptcy
Debt can leave a burden that grows and grows until a person feels like they are no longer in control of their finances. When debt becomes too much to bear, there are legal means of overcoming it and starting fresh. Those who are in over their heads with debt need to learn How to file bankruptcy. With this information, individuals will know the steps they need to take so they can get relief from their mounting debt.
How to Get Started
Before a person gets started on bankruptcy, they need to first gather their bills and information on their wages and assets. It is also wise to have a couple of years of tax return documents. These documents will all be requested by the bankruptcy lawyer. Although a person has the right to file for bankruptcy without legal help, this is not advised, since the process can sometimes be difficult for those who do not understand the law.
Meeting with the lawyer will start the process. The lawyer will first determine if their client is eligible for chapter 7 bankruptcy. This type of bankruptcy is typically settled in six months or less and is ideal for those with mainly unsecured debts, such as credit cards. Mean’s testing must be passed or the individual will need to file for chapter 13.
Chapter 13 is a type of bankruptcy that helps homeowners avoid the loss of their home due to foreclosure. It is called the wage earner’s bankruptcy because a person must have a reliable income coming in each month so they can make payments to the court to pay off their debts. Individuals filing for chapter 13 are generally given three to five years to pay off their debts and have all collection activity stopped.
Get Started Today
If you are ready to overcome your debt and find greater peace of mind, now is the time to get started. Call the office of the lawyer today so your appointment can be scheduled. They will help you through each stage in the process so you can overcome your debt in a legal manner and start fresh.