Bankruptcy law is considered one of the most difficult branches of law to navigate, it’s full of red tape and complicated procedures that will require the help of an attorney. There are several steps that need to be taken before an individual or business can even begin to file bankruptcy. Before filing for bankruptcy all possible options should be considered. First credit counseling should be considered. Credit counseling might be a good way to get help without actually filing bankruptcy. If counseling isn’t helpful credit consolidation should be attempted, credit consolidation may be easier than filing bankruptcy, and allow a business or individual an option that makes payments affordable. Refinancing is another way to help make payments more affordable, and could save a lot of time and effort.
If none of those options are viable contact Laura Margulies & Associates LLC In MD for assistance in filing for the proper form of bankruptcy. There are three main chapters of bankruptcy, and depending on what the situation is they offer different ways to get financial relief. Find out from your attorney when it is appropriate to choose bankruptcy, and what chapter to file. Once your attorney helps you choose what chapter to file you will need to submit some paper work. One of the most common forms to fill out is the Means Test. Once all the paper work is filled out a Credit Counseling class will be required, and a certificate of completion will be required to finish filing bankruptcy.
Filing bankruptcy is not a clean start, but it is a way to prevent losing everything once debt has gotten out of control. Creditors will most likely contest the decision of the court in most cases. Once the decision has been made and creditors have agreed to the terms set out by the court a “stay” will go into effect. This stay will prevent creditors from filing any further law suits, and should allow for some time to begin rebuilding finances. If creditors still attempt contact, refer them to the attorney who filed your case.