Making the decision to file for bankruptcy is huge. There is so much to consider when deciding on whether or not you should file, like what all of your options are, understanding what bankruptcy will and will not do for you and getting ready to face the consequences of filing. We have compiled a list of step you should be taking when filing for bankruptcy below:
1. Find a good attorney. You want to find an attorney who you can trust that is familiar and experienced with bankruptcy law. You may find them from a family member or friend who needed their services, or by searching online for an attorney. You want to remember however, that the cheapest attorney is not always the best way to go, so be careful who you choose, and take time to make your decision. At Badnell and Dick, we have over 25 years of experience in Bankruptcy law and can help guide you through even the most difficult tasks and help you win your case.
2. Next you will want to conduct a Bankruptcy counseling session. The bankruptcy process requires that you attend two mandatory credit counseling sessions. The first round of pre-filing counseling happens before you file your paperwork with the courts. This is where you will discuss you budget and pro's and con's of filing.
3. After counseling, you will file with the court. At this point it will appear on your credit report and creditors have to stop calling you and making attempts to collect your debt.
4. Depending on what type of bankruptcy you have filed, the next step may involve liquidating any assets of value to repay the creditors. If you file a chapter 7 case and have no assets of value, then they will do what is called a "No assets case" and the courts will not sell your property. You do need to let your attorney know if you have any property that you want to keep secured.
5. Next you will have to take a Debtor Education Course. You have to take this course before all of your debts are discharged.
6. Finally, your debt will be discharged. You will no longer be expected to pay back the creditors included in the bankruptcy. While this is great you have to remember that this is only the beginning. The next steps are to start rebuilding your credit.
If you or someone you know is thinking of filing for bankruptcy, do yourself a favor and call Badnell and Dick Co. at 800-234-9511. If you have any questions or concerns you can visit our website and look into our FAQ's. We have over 20 years of experience and four different offices for your convenience. We will fight to win your case.
Federal law requires the following statement: We are a debt relief agency. We help people file for protection under the bankruptcy code.
