The personal bankruptcy process can be a saving grace for debtors who are looking to completely eliminate large portions of debt. Although there are significant consequences associated with filing bankruptcy under Chapter 7, doing so is often the only real option for people who have exhausted some of the traditional methods of debt repair. For most people, the bankruptcy process itself can seem intimidating and often overwhelming. However, we will provide you with the basic information you need to get on the right track.
People often want to know how to claim bankruptcy in the most efficient way possible, which is why we’ve compiled the following list of tips –
• Get Qualified – not everyone qualifies for bankruptcy protection, which is why it’s important to see where you stand prior to making a firm commitment to the process. Eligibility is determined by a “means test,” which looks at your complete financial picture to determine if you are truly in need of financial assistance through the Government’s plan.
• Enroll in Credit Counseling – once you’ve determined that you are eligible to file, you will want to enroll in a court approved credit counseling course within 180-days of filing your claim. Attending credit counseling is required by law, so don’t wait.
• Secure an Attorney – one of the best things you can do is to hire a reputable bankruptcy attorney to assist you with your case. Although attorneys aren’t required by law, the right person or firm can help see you through the entire process. They can fill out paperwork, offer legal advice and can even represent you in court.
• Understand the Consequences – at the risk of stating the obvious, you should know what you are getting into before filing a claim. Setting up an initial consultation with an attorney can be a great way to find out what you’re in for.
For more information on the personal bankruptcy process and for a complete guide on how to claim bankruptcy, please visit your source on the web for bankruptcy information at Claiming Bankruptcy.