If you are facing tough financial times, have a pile of debt you cannot pay off, and your creditors are calling you day and night, you may have considered declaring bankruptcy. Even though it seems like a fairly simple option, reality is more challenging than you may think. Learning how to declare bankruptcy will reduce your chances of any legal issues. And, it can increase your chances of a successful bankruptcy discharge.
Before you decide to file for Chapter 7 or Chapter 13, you should learn the facts about bankruptcy. Learning helps you avoid any pitfalls along the way.
How to Declare Bankruptcy: Become Educated
The first step to learn how to declare bankruptcy is to become familiar with the bankruptcy laws in your state. Many of the laws have changed. You can no longer simply walk into bankruptcy court and say you cannot pay your bills. Since 2005, new bankruptcy laws have made it very difficult for individuals to file for bankruptcy.
For example, if you are considering declaring bankruptcy, the courts will require you to undergo counseling before you file. If it is determined that your income exceeds a certain level, it is likely you will be required to repay all of your outstanding debts.
How to Declare Bankruptcy: Get Assistance
Filing for bankruptcy is more complicated than the average individual realizes. It is a complicated process from both a financial and a legal standpoint. This is why you should not choose to file for bankruptcy without legal assistance. Research your local area to find a reputable bankruptcy attorney. The attorney will guide you during the entire process. Although you may be looking for a quick fix to your financial problems, steer clear of programs or individuals who promise solutions that sound too good to be true.
A bankruptcy attorney can also be an ear to listen if you ever want to confide in someone about your emotions during this time, if your family and friends are not available.
These are two important steps to take when you want to know how to declare bankruptcy the right way. Speak with an experienced bankruptcy attorney to receive the best guidance about your specific situation.
Bankruptcy should be a last resort for addressing your financial problems. Douglas Jacobson Law Firm has been helping consumers and businesses in Georgia with bankruptcy and debt relief since 2007. Contact us today for a free consultation.
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