You may have tried to save your money to repay your loan within the right time. However, you have still found debt at the end of the month. The ultimate option for you to solve this issue is to file for bankruptcy. You know that it is the most distressing time of your life. The bankruptcy filing will assist you in restoring the financial stability of your life. The intricacies, related to the filing process, will make you feel stressed. Thus, to relieve your stress, you can look for a reliable and trained bankruptcy lawyer.
Steps as a bankruptcy filer
You do not know about all the details on the bankruptcy filing process. As one of the debtors, your major step is to hire the service of bankruptcy attorneys in Mesa Arizona. This attorney is the right person to guide you in a proper way. You may make your decision to follow the process of filling bankruptcy.
Another important thing is your choice of bankruptcy type for your filing. Chapter 7 personal bankruptcy helps you in freeing your debts. However, you have to pass the verification test for repaying your debt. While this bankruptcy type does not fit you, you have to choose Chapter 13. In this case, you have to pay off 50% of the debt. However, you can create a scheme of monthly payout.
Collection and arrangement of data
The bankruptcy lawyer knows the laws in Arizona. He is able to instruct you on the asset that you can secure during your bankruptcy. Make a long list of the properties and assets that you have. Thus, you have to disclose it fully. You must also reveal the sources of your income. Then, you can create another list for displaying everything of the debt and creditors, associated with it. The attorney will review them thoroughly to help you in the process.
Start credit counseling session
Before 6 months of bankruptcy filing, you must go through the pre-bankruptcy counseling to speak about the credit. The bankruptcy attorneys in Mesa Arizona will interact with credit counseling center to work for you. The counselor will assess your issue and find out the way you must proceed. While this credit-counseling center has chosen the repayment scheme, you have to start paying the amount within a month. Then, you may also submit your bankruptcy petition.
Consultation with the creditors
After the acceptance of the petition, you have to speak to the creditors. You have to respond to bankruptcy-related queries. You can claim that the creditors will get the payable amount. While the creditor addresses your bankruptcy case, you must settle the complaint. After settling it, the judge asks you for asset liquidation or approve the repayment scheme, made by you.
Post-bankruptcy counseling- The last step
You are going to pay the last payment, or you have made another decision. However, the common step for all the debtors is to go through a process for post-bankruptcy counseling. While it is Chapter 7 personal bankruptcy, you must do it within forty-five days. However, for the Chapter 13 case, you can do it prior to paying the last amount. You must inform the trustee about your successful post-bankruptcy counseling session. This helps you in accomplishing the process of bankruptcy and get the discharge of debts.
Thus, these are the steps for filing the bankruptcy. While the financial issue has forced you to file the bankruptcy, you can rely on the attorneys.