Do you know when a person becomes bankrupt? Well, when he or she is unable to pay the debt of the creditors and the money is lost. It is a bad financial situation, which also affects the person emotionally. Before things go too bad, you must file for bankruptcy. Hey! You need to be cautious while filing for the same. I am suggesting you 6 easy and best points that you must follow while filing for bankruptcy:
1. Hire an attorney
There is no other substitute than hiring an expert. You and your lawyer must sit together and collect all the necessary financial details. It is not a quick process and you need to have patience and let the lawyer work the best on collecting the information on your debts, income, property and assets and living expenses of your household. After collection of all the details, the bankruptcy attorney Catonsville will work on the next procedure.
2. Credit Counseling
In bankrupt situation, you cannot miss credit counseling step. It is very essential for you and mostly importantly your lawyer will give you direction to meet a credit counselor. The meeting takes only 45 minutes and you can conduct the meeting through internet or over phone. Basically, it is the responsibility of a counselor to makes a budget for you that you need to follow during the bankrupt situation. After you complete the counseling, then you will be provided with a certificate and it will be forwarded to your lawyer.
3. Filing Procedure
Now, it is the time to file for your bankrupt situation and all your creditors will get the notice. The creditors will come in contact with the lawyer office and the legal spokesperson will be responsible to speak on your behalf so that you do not receive any annoying calls from the creditors. Once the lawyer file for bankruptcy, “automatic stay” comes in effect and the creditors are not allowed to contact you for the debts legally.
4. Next Step Meeting
This meeting takes place between the bankrupt and trustee. Well, trustee is a Government employee who looks after the bankruptcy case. The meeting will help the trustee to get an idea on your condition and get assurance on the bankrupt situation. It is very short meeting and all your answers will be recorded for further evidence.
5. Get Away From Debt
After all verifications, you will get the legal discharge from your debt situations. This discharge means you are free from any debts to repay and creditors will not disturb you. It takes 6 months after you file for bankruptcy to get a legal discharge from your debts. Bankruptcy attorney Catonsville will perform in the best possible way.
So, next time you are in bankrupt situation in your business, then do not panic. Hire an attorney and follow these easy steps for filing of bankruptcy.
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