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Monday, November 9, 2015

Filing Bankruptcy — Some Essentials You Should Know to Handle It Well


Filing a bankruptcy case is not difficult, but it is a thoughtful decision to take. The legal aspects of bankruptcy are complex, and to handle it well, you have to consult an experienced and knowledgeable attorney to take it up on your behalf.

For those who are thinking of filing for bankruptcy, here we will discuss a few directives to accomplish it in the right manner. However, the steps and procedures may vary from case to case when it comes to bankruptcy, and only an experience attorney can guide you through it in real-time. A person who is into this financial situation may need to undergo a lot of stress due to the debt problems. Here we will give some advice to make it quick, easy, and stress free.

Stop using credits

If you are filing for bankruptcy, the first thing you should stop is usage of credit. To make it legally valid, you should not incur any extra credit immediately before filing bankruptcy. If you file such credits to buy luxury goods or services within a few month of filing the bankruptcy, it will not stand dischargeable.

Getting bankruptcy consultation

You can schedule a free bankruptcy consultation with any of the good law groups providing it. In this, an experienced bankruptcy attorney can be assigned to help you. You can discuss your exact financial situation with your attorney, and get advice about filing bankruptcy as well as non-bankruptcy options to resolve the debt problems.

The objective of this consultation is to make you aware of all the pros and cons of bankruptcy filing and the alternate options available to take an informed decision. So be prepared to:

Ask all your doubts related to bankruptcy filing
Check out the long-term implications of bankruptcy
Understand the do's and dont’s of the procedure
Know the feasibility of all other options available to you

Getting needed information

Once you decide to go ahead with bankruptcy, you need to gather all the information on how to file bankruptcy. Your attorney may ask you to fill a bunch of forms, and you may get confused. So, prepare a checklist and guidelines to accomplish each step effectively and without errors


Getting the credit counseling

Bankruptcy Code mandated the requirement for debtors to take the credit counseling course before filing bankruptcy suit. The course can be taken in person, online, or over phone. This is hardly a one hour session. Once you reach up to this level, you can further go ahead and file the case with the assistance of the attorney.

After filing a bankruptcy case, you need to take the next steps very carefully. Some of the major things to note are as below.

Never ignore any lawsuits, which may help you get your creditors a default judgment, which may act against you.
Do share everything with your bankruptcy attorney.
You may want to pay your friends and family first, but in case of lawsuit, doing so may put them in trouble to face the lawsuit.

Another important thing you should know is that if you try to sell off or hide property during bankruptcy, you may probably lose it. If you want to sell anything in order to raise money to pay bills while your bankruptcy lawsuit is running, discuss it with the attorney before doing such things.

Author bio: Lynn McNeil is a specialist bankruptcy attorney working for one of the leading law firms in the USA. To help the debtors and creditors know the do's and dont’s of bankruptcy, she published many articles and blogs on various financial and legal websites.

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