June 3, 2019 0 Comments Legal

Dealing With Bankruptcy in Simple Steps

Having to file for bankruptcy can be pretty tough. You’ll have a really hard time facing anyone – let alone yourself after you file for bankruptcy but that’s not all that you’ll have to go though. The people you owe money too will loom over you like a hungry swarm of sharks and you’ll feel like you’re stuck in a situation that might never improve. You see bankruptcy, is one of those things that you need to understand step by step, if you are to navigate it. This is why you should never file for bankruptcy without a legal representative by your side.

The first step towards filing for bankruptcy should be you getting a bankruptcy lawyer on your side. You can depend of The Pope Firm bankruptcy lawyers to help you figure out what you need to do to file for bankruptcy. There are two finds of bankruptcy that you can file for; there’s Chapter 7 bankruptcy where some of your debts may be discharged as seen fit by the trustee and with your lawyer’s suggestion.

However, if your debts cannot be discharged then you may have to file for Chapter 13 bankruptcy, in which case you’ll be given a payment plan through which your debts will be paid of. Your lawyer is also going to make sure that your creditors don’t get to harass you over anything as you file for bankruptcy. You’ll also be given credit counselling which will help you form your petition in a manner that it can be accepted.

After all of this, you’ll have to sit with a financial consultant and have your assets valued so you can formulate a plan to pay off your debts so your bankruptcy is manageable and doesn’t take over your life.