Updated 3/30/22
Filing for bankruptcy can help you if you are deep in debts and cannot pay them off using your assets. If you are not eligible for bankruptcy, you can consult debt counseling services to offer you guidance on repaying your debts. You also need to check bankruptcy filings options before starting the process.
The first step is to get a copy of your credit report and list all debts that may not be on the credit report. This information will be necessary when consulting a bankruptcy lawyer and filing for bankruptcy. The court may be resistant to declare bankruptcy without a lawyer. This makes it essential to search for an experienced and knowledgeable bankruptcy lawyer.
Taking time to research bankruptcy can help you learn about the drawbacks of filing bankruptcy before you start. If you are the debtor in a bankruptcy case, you need to provide all information about your debts and assets for a thorough evaluation.
Hiring a bankruptcy attorney ensures the filing is thoroughly evaluated. A bankruptcy lawyer will provide you with the best plan for bankruptcy once they understand your debts and assets.
If you have been accumulating debt for many years and you are at the point where you can no longer provide properly for your family and may lose your home, you can count on Philadelphia bankruptcy attorneys to help you get back on your feet again. When you work with Philadelphia bankruptcy attorneys, you can be certain that a real professional will be handling your case and helping you to find an amicable solution to either eliminate or consolidate your debt to a place where it is more manageable. Moreover, you can count on Philadelphia bankruptcy professionals to give you the opportunity to have a second lease on life, at least from a financial standpoint.
The first time you meet with a Philadelphia bankruptcy attorney, you will need to exchange some important information with them so that they can be brought up to speed. You can rest assured that a Philadelphia bankruptcy lawyer has seen whatever issues you are facing before and far worse than that in most cases. This is good news because it means that a Philadelphia bankruptcy attorney will know just what to do in order to get things turned around for you.
Once you have set the stage for what your debt encompasses, a Philadelphia bankruptcy lawyer will then figure out what chapter you should file. Philadelphia bankruptcy lawyers can either move for chapter seven or chapter thirteen and which you filed for will depend largely on how you score when you take the means test. This test will determine if your debt to income ratio meets the guidelines for removing all of your debt through chapter seven. If not, chapter thirteen will still present a better alternative than doing nothing at all.
Once your bankruptcy is in motion, it will be your responsibility to adhere to whatever the court tells you to do. This will likely entail going to debt counseling so that you can better manage your finances in the future. By taking the right steps, once your bankruptcy process is over, you will know what to do in order to make things right for your homestead.
In the end, you will get the second chance that you were hoping for and if you play your cards right, you will never be in overwhelming debt again. If you do wind up in debt again, you can always call an attorney again. They will make sure it does not ruin your life.
