Where do you start if you are considering bankruptcy?
Reality has changed for millions of people over the last few years. Even though the housing market has recovered nicely, for some, this reality is not in their favor. If you feel overwhelmed by a mountain of debt and can’t see your way out of the situation. It might be time to consider filing for bankruptcy.
Filing bankruptcy is a serious matter. You should get financial counseling before you take this step, but if you have no other option, the process can protect you from harassment. It is pretty straight forward. Over time, if you are careful, you will have a chance to rebuild your credit.
Once you have researched your options and concluded that bankruptcy is the best way forward, make sure that you understand the process before you begin filing so that at any point along the way you will know what steps are next.
How Do I Start a Bankruptcy?
The first step in filing bankruptcy is to determine what you owe to each lender. You can do this by obtaining a copy of your free credit report from each of the three major reporting agencies: Equifax, Experian and TransUnion. This will provide you with the most recent records of your debts and will play an important part in ensuring that you properly proceed.
Next, visit the U.S. Courts Bankruptcy website. Here you can find information regarding the type of bankruptcy you will need to file. Generally, you will file under chapter 7 or chapter 13. When you understand the differences you are ready for step 3.
You will probably want to obtain an attorney who specializes in bankruptcy in your area. This is always recommended because his/her expertise can help you make your way through the often confusing process of bankruptcy. They can also advise you on how to get creditors off your back while you are moving ahead.
Locate a bankruptcy attorney in your area. Although an attorney is not required to file for bankruptcy, it is highly encouraged that consumers use a knowledgeable bankruptcy attorney. The bankruptcy process is not clear-cut and it is important to have an experienced professional on your side. The e-bk website maintains a lawyer directory that will help you in your search for an attorney to help you with filing your bankruptcy.
Once you have your records in place, meet the attorney in person. If you are married or have a partner, bring them along and talk about the right process for your bankruptcy. This will also mean taking a Means Test that will determine whether you file for chapter 7 or chapter 13 bankruptcy. Once your path is set, the attorney will file a petition on your behalf. The entire process can be quite lengthy, but once the petition is filed with the court, you are well on your way to a new beginning.
Filing bankruptcy in Western Washington should never be your first step in finding debt relief, but if you have exhausted your other options and still find yourself unable to meet your debt obligations, bankruptcy can help you move forward toward a better future.
Contact Advantage Legal Group for more information on Western Washington bankruptcy.