What Happens After You File Bankruptcy?
After you have made the decision that bankruptcy is your only way out, you must be aware that filing bankruptcy is a very detailed process and one you must be right on about in order to make it to the other side of financial beginnings.
There is a strict time limit that must be met in order to get your bankruptcy filed properly to the courts.
The very first step you will be advised to follow is to visit a credit counselor privately or within a group to both learn about bankruptcy and learn how it could or may be avoided.
The second step is to file a petition with the bankruptcy courts within the area you live in.
You will be offered to pay the legal fees in installment or in some rare, extreme cases these fees will be waived.
This is the decision of the court and every bankruptcy case is different and treated this way.
Many people have been under the impression that there is a standard and generic way to handle bankruptcy filings, when in fact every bankruptcy case is unique in their different circumstances.
The court will then review all your creditor documents and debts and make their decision as to how to go about paying back these debts.
Often times the court will hold a meeting with the main people you owe money to and try to come to an agreement to solve the problem.
This is where many people learn they have believed a myth.
It is a common misconception to believe that the people you owe never get their money and therefore creating enemies.
The truth is that your debts will get settled and people will understand that financial problems occur.
Lastly, your case will be determined to be an "asset" or a "non-asset".
When the court deems your case to be a non-asset your involvement in the case is over unless something unexpected occurs which is very rare.
On the other hand if your case is deemed an asset this means the court will sell your home and any other assets you have in your name in order to pay off your debts.
This can be a very painful process for the person filing to see their items being sold off but in some cases this is not the only option.
This is why so many professional urge people to speak with financial professionals before making rash decisions.
There are many bankruptcy rules and the professionals know how to use them to your advantage.
Understanding this process is essential to your financial success.
You of course do not have to learn the bankruptcy laws as well as professionals but a general understanding is quite beneficial.
Bankruptcy is a serious financial step in anyone's life and can be recovered from when you take each step properly and complete it fully.
Go see a financial professional today and learn what your options are before it is too late.
There is a strict time limit that must be met in order to get your bankruptcy filed properly to the courts.
The very first step you will be advised to follow is to visit a credit counselor privately or within a group to both learn about bankruptcy and learn how it could or may be avoided.
The second step is to file a petition with the bankruptcy courts within the area you live in.
You will be offered to pay the legal fees in installment or in some rare, extreme cases these fees will be waived.
This is the decision of the court and every bankruptcy case is different and treated this way.
Many people have been under the impression that there is a standard and generic way to handle bankruptcy filings, when in fact every bankruptcy case is unique in their different circumstances.
The court will then review all your creditor documents and debts and make their decision as to how to go about paying back these debts.
Often times the court will hold a meeting with the main people you owe money to and try to come to an agreement to solve the problem.
This is where many people learn they have believed a myth.
It is a common misconception to believe that the people you owe never get their money and therefore creating enemies.
The truth is that your debts will get settled and people will understand that financial problems occur.
Lastly, your case will be determined to be an "asset" or a "non-asset".
When the court deems your case to be a non-asset your involvement in the case is over unless something unexpected occurs which is very rare.
On the other hand if your case is deemed an asset this means the court will sell your home and any other assets you have in your name in order to pay off your debts.
This can be a very painful process for the person filing to see their items being sold off but in some cases this is not the only option.
This is why so many professional urge people to speak with financial professionals before making rash decisions.
There are many bankruptcy rules and the professionals know how to use them to your advantage.
Understanding this process is essential to your financial success.
You of course do not have to learn the bankruptcy laws as well as professionals but a general understanding is quite beneficial.
Bankruptcy is a serious financial step in anyone's life and can be recovered from when you take each step properly and complete it fully.
Go see a financial professional today and learn what your options are before it is too late.
