Filing Bankruptcy: How Do You Start the Process?

October 31st, 2013 by Reed Allmand

Can I Discharge Unpaid Income Taxes in Bankruptcy?

So, you have decided to file bankruptcy.  While this option may be a difficult decision to make, it is significant as you have gotten even closer to establishing the fresh start and financial control you deserve.  But, filing does include several processes including filling out forms, completing credit counseling, and appearing before a judge.  It helps to review the process in detail with your bankruptcy attorney since situations vary.

If you are considering bankruptcy the following steps are crucial in helping you get started.

  1. Gather your bills to see what debt you have.

  2. Discuss options and qualifications with a bankruptcy attorney.

  3. Weight your options and make a final decision based on legal advice.

  4. Get started with your attorney in completing necessary paperwork to begin filing.

When speaking with your attorney you should review which type of bankruptcy (Chapter 7 or Chapter 13) is best for your situation or which one do you qualify for?  Ask about eligibility factors for filing. Learn about asset protection (house, car, etc.) through bankruptcy exemptions available at state and federal levels.  Ask how long your case will take, when you need to appear in court and other actions you may need to perform in order for your case to run as smooth as possible.

Some considering bankruptcy may decide to file on their own (pro se). While you have the option to do, bankruptcy experts suggest you complete the process with legal guidance of an attorney.  You should at least consider a free consultation to review your case due to complications within the bankruptcy code.

Reference: http://www.totalbankruptcy.com/overview/faq/how-to-file-bankruptcy.aspx

 

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About Reed Allmand

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Allmand's vision is rooted in his own financially precarious childhood in Abilene "My father always had difficulty holding a job and supporting our family, so after my parents divorced when I was 12, my sister and I got jobs to help make ends meet," he recalls. "I remember what it felt like as a child to worry that our car would be repossessed or home foreclosed on."

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Why do I need to submit a new wage order when I modify my plan

When we modify your bankruptcy plan we are changing your plan payments. This means that we have to get with your employer and change the terms and amount of your wage order. The only way we can do that is by filling out a new wage order form.  

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If the bankruptcy stay terminates on your home that means that even though your in bankruptcy, your creditor can pursue all there legal remedies they can pursue if you were not in bankruptcy. This includes foreclosure, and having your house sold and evicting you from your house.

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