How To File For Bankruptcy With Ease

You must first assess if bankruptcy will benefit you before proceeding. Bankruptcy is a debt-relieving solid option, but only if it makes financial sense for you. Bankruptcy does not discharge some non-dischargeable debts, such as most student loans, child support obligations, alimony, and recent tax arrears. If you have any cosigners, your bankruptcy will not protect them.

When you file for Chapter 7 bankruptcy and have good credit, your credit score will likely drop little at first. After receiving their bankruptcy discharge, most people can restore their credit and obtain a higher credit score.

Assemble Your Documents:

Step one is to gather all of your financial paperwork to assess your present financial situation. To begin, obtain a free copy of your credit report. Each of the three credit reporting agencies is required to provide you with one free credit report each year. Some of your debts aren’t reflected in your credit report.

Take Credit Counseling:

Everyone who applies for bankruptcy must complete a credit counseling course six months before filing their bankruptcy petition with the court. This is the main requirement in both Chapter 7 and Chapter 13. you must complete the system via a Department of Justice-approved credit counseling firm. Credit counseling classes like this one will help you figure out if you truly need to file for bankruptcy or if you can get back on your feet with an informal repayment plan.

Fill Out The Bankruptcy Forms As Follows:

At least 23 different forms total over 70 pages in the bankruptcy paperwork. You will be asked about everything you earn, spend, own, and owe on the bankruptcy paperwork. You’ll also provide certain bankruptcy essentials, such as the sort of bankruptcy you’re filing and whether or not you’re working with a lawyer.

If you employ attorneys, such as Lawrence & Associates, they will fill out the documents for you depending on the information you provide. Whether you can’t afford a lawyer yet, don’t feel comfortable filling out the documents yourself, see if you qualify for Upsolve’s free online bankruptcy service, or make an appointment with a local legal aid provider.

Leave a Reply