Home > Legal Guide

A Bankruptcy Attorney Can Get You Debt Free

Being in debt is Stressful. Being heavily in debt means having creditors and collection agencies come knocking at your door or ringing your phone leaving constant reminders and notices about the money you need to repay. Needless to say, dealing with this is exhausting and mentally draining and can hurt and change people significantly.

If you find yourself in too deep and with no manageable way out, bankruptcy may be your best answer. An overly simplistic analogy would be to say it’s just like slowly pushing a  reset button for your life. It won’t be instant but it gets easier after the initial stages.

Bankruptcy is misunderstood by most people and many are unaware of its benefits and how it can help people regain control of their life. For example: did you know that filing for bankruptcy puts a court ordered halt to collection agencies or that it has helped countless people start their lives.

So how do you file for bankruptcy?

It may be a difficult and strict process but it may be your only chance to live a normal life again. First off you’ll need to learn the requirements; the steps in the process; and how to leverage it to your better interests.

1) Get your documents organized

Prepare a spreadsheet and list down all your debts and categorize them. e.g., credit card debts, car payments, mortgages, insurance, etc.

You also need to list the monthly payment or amortizations for each of them, the total amount of debt you owe for each lender or company/agency, and the due date of the regular payment.

Also, you need to prioritize each of them and come up with a ranking or group them according to high priority, medium priority, or low priority payables.

2) Find a lawyer

A bankruptcy lawyer is the only person that can give you all the information and assistance that you need. A lawyer will file for bankruptcy for you.

There are so many technicalities in the processes and a lawyer will make things easier. They deal with court matters, ensure that all necessary forms are submitted at the right time, and maximize the likelihood of your application being accepted.

You get only one good shot at applying for bankruptcy and you need to make it count. An experienced lawyer will be worth the cost.

3) The bankruptcy petition

The petition consists of many documents, such as the 'means test', actual petition, schedules, and local forms.  

If you’ve enlisted the help of a lawyer, they’ll handle this whole process and check the documents before presenting them to the court. You will have to give all the details needed which includes your income.

4) Credit counseling & completeness of forms

You need to attend a credit counseling course and make sure that your lawyer has the complete set and number of forms you are required to have.

By the time that your lawyer puts all the forms together, they will be filed with the court and you get the date of your court hearing. Once the filing starts, your creditors will be given legal notice and will stop trying to collect.

You will be assigned a bankruptcy trustee and you have to provide the trustee your latest tax return. Prepare for the hearing to continue on and work on your repayment plan.

There are various other ways to release yourself from debt but until you pay the creditors your dues, getting out of debt with bankruptcy is your best option.

Mishiyeva Law- Bankruptcy Lawyer NYC 80 Wall Street New York, NY 10005 (646) 736-6328

comments powered by Disqus