A Beginner’s Guide To Filing For Bankruptcy
If you find your debt becoming overwhelming and don’t believe you can pay them, filing for bankruptcy will give you debt relief and a second chance for a fresh new start. However, if you do not know the process, it might be difficult to file for bankruptcy.
Generally, filing for bankruptcy allows you to catch up on your debt at your own pace, without letting go of your home or car and avoiding foreclosure. You will need to follow a payment plan laid out by the court and pay back your debt to the best of your abilities. But first, you must consult a professional who specializes in bankruptcy before proceeding with the bankruptcy process.
Sam Calvert, Attorney at Law, can help you with the bankruptcy process and prepare you for any negative consequences. To give you a basic background about this legal process, I have put together a Beginner’s Guide to filing for bankruptcy.
Hire professionals: An experienced bankruptcy attorney will help you navigate the system easily, and be able to predict the outcome clearly, and help you protect your assets. They will also ensure information is being filed correctly so as to avoid any confusion or refiling.
List all of your creditors: Listing all of the items you own is important, but so is listing the names of people you owe money to. For a list of your creditors, you can pull a credit report from annualcreditreport.com for free, and it should show most of your big national creditors. You can even get a transcript of your tax return from the IRS for free using form 4506-T.
Be accurate: Being accurate is vital in terms of identifying your creditors. I am not so concerned about getting the debt amount right to the last penny, but I care whether you owe Capital One or Discover or Wells Fargo Visa. It is both hazardous and not necessary to hide assets or give them away before filing bankruptcy.
Advice From The Pros
Filing for bankruptcy is a process: Bankruptcy is a work-intensive process, so make sure to gather your records and be organized. List out debts, assets, income, and expenses. This gives the professional who is helping you and the court a better understanding of your situation. For a complete understanding of bankruptcy, get a hold of a professional to help you out with this financial chapter.
For a bankruptcy law firm in St. Cloud, Minnesota, reach out to Sam Calvert, Attorney at Law. My goal is to exceed your expectations and put your needs first. Bankruptcy is a complex process that shouldn’t be handled alone. I have years of experience and expertise to help you out of this legal situation and make an informed decision.