There are many circumstances that can be responsible for filing personal bankruptcy; loss of employment, out of control expenditures, unexpected medical bills, or divorce. Filing for personal bankruptcy is always traumatic and an individual should never file as an easy way to get out of trouble. Before filing, other repayment options should be examined, like selling assets, including an extra home, boats, jewelry, etc. Consumer credit counseling is often another option, but if you realize you can't keep up with the payments, you should take action quickly. Ignoring the problem will only make it worse as creditors pile on late fees and take legal action to take your property and wages.
When a decision to file for bankruptcy is made, ensure that your home, furniture, and other essentials are protected. All your exempt assets can be kept. Work with experienced attorneys in order to achieve the best results. Look for Anderson bankruptcy attorneys who handle many such cases and have a well-managed system for forms and filing. Ask for a referral from an attorney you trust, or obtain a referral from friends or colleagues who have been through the personal bankruptcy process. Having a knowledgeable lawyer who you are comfortable with will make all the difference in the outcome of your case.
The decision to file for personal bankruptcy is a difficult one. Because of new laws and the differences between filing Chapter 7 and Chapter 13 bankruptcy, facing the process alone can be overwhelming. Obtaining the services of Anderson bankruptcy attorneys will ease the fairly complicated process of filing for personal bankruptcy.
You will need to gather your personal financial information, such as tax returns for the last two years, property deeds, car titles, loan papers, information on secured and unsecured loans, and pay stubs. Then begins the long process of filling out forms, or schedules, which detail your financial history for the last two years. After the petition is filed, your creditors will be contacted to inform them that you are filing for personal bankruptcy.
Once you have filed, your creditors are no longer allowed to contact you or to collect money from you. No more harassing creditor calls, credit card payments, lawsuits and foreclosures. As stressful as it may be to file for personal bankruptcy, in the end keep in mind that you will have a clean slate and a new beginning.
When faced with overwhelming debt and the possibility of bankruptcy, Anderson Bankruptcy Attorneys can help get your financial situation back under control.
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