3 Things To Remember When Filing For Bankruptcy
If you recently lost your job or got laid off, you are probably dealing with the sting of not being able to pay your bills. The overdue and late notices are piling up, the creditors keep calling and wanting money and you have no way to pay them. If this sounds like you, there is a solution to help get your life back on track and regain control. You can put an end to the harassing phone calls, nasty letters and the fear of losing your home all by filing for bankruptcy. It allows you to wipe out the majority of your unsecured debts and start over with a clean slate. If you are considering filing, here's a couple things to remember.
You don't want to forget any debts in the filing.
When it comes time to file the paperwork, you want to make sure you have all of your debts included. From the $10 DVD bill to the $1,500 mortgage payment, nothing should be left out. You are filing to wipe out debt, so you cannot just pick and choose what you want to include and what you don't. Everything needs to be put in there to help tackle the problem in one swoop. If you forget a bill and have to add it on later, it will cost you a pretty penny. Every attorney is different in what they charge, so make sure you give them everything up front.
Make sure you go to the 341 meeting.
The 341 meeting is a meeting of your creditors where a creditor can show up in bankruptcy court and speak their peace. However, it isn't all that common for a creditor to show up. Most will just wipe your debt out and move on. The normal ones to show in court are your mortgage company, loan company for your vehicle and other major purchases. While the majority of your debts are wiped out in a Chapter 7 bankruptcy, some people choose to reaffirm their vehicle, mortgage or recreational vehicle debt and continue making payments on the items so they don't have to give them back to the lender.
Don't forget about the credit counseling.
Many people forget all about the credit counseling, but it is something you have to do before you are going to be granted a discharge. Your attorney will provide you with information on where you go to complete the counseling and when it needs to be done. Generally, there are two sessions you have to complete, one before filing and one before discharge. You can do them online or over the phone.
By going through the information above, you can get through your case with ease and move on to a better future without all the added stress and worry.
Contact an attorney like Michael Adler for more details.