– How hard is it to declare bankruptcy protection?
Declaring bankruptcy can be a complex process. For this reason, many debtors decide to hire an attorney to guide them through the procedure. An added benefit of hiring an attorney is that the attorney will appear in bankruptcy court to advocate for you.
In order to file for bankruptcy, you will need to fill out a number of forms to help the court determine your financial status. You can get the forms from your attorney if you have retained one. If not, you can find the latest bankruptcy forms at
www.uscourts.gov/Home.aspx & click onFORMS & FEES. Your state may have forms to fill out as well. Check online to find the latest bankruptcy forms for you State.www.freebankruptcyevaluation.com/bankruptcy_forms.html
Keep in mind that a bankruptcy may not clear all of your debts. It can be quite complex to determine which bills will or will not be covered under your bankruptcy. For this reason, you should contact an attorney.
Filing out the forms can be time consuming. It is important to double-check your figures and to answer the questions as honestly as possible.
This is especially true if you are filing for bankruptcy without the aid of an attorney. Filling out these forms is probably the most difficult part of filing bankruptcy.
Debtors must also take financial education classes in order to file. These classes are designed to help teach you about financial concepts in the hopes of helping you to avoid financial problems in the future.
Financial classes are not that difficult. It is not hard to fit the classes into your schedule. You can take classes online or in person! The classes usually take an hour or so to complete.
After you have completed the class, you will need to take a test to show that you have retained some of the concepts that have been taught in the class. Since many classes allow you to use your class notes when taking the test, it is not difficult to pass the test.
You will need proof that you have taken the class in order to have your bankruptcy approved. Because of this, you should save all documentation received from the class.Classes should be taken no more than 6 months before you intend to file for bankruptcy.
Otherwise, you will need to take the class again. If you are worried about the price of the classes, you should not be. While the price of the classes can vary, many people are able to qualify for free classes. Ask about free classes when signing up.
After taking the class, you and your attorney can file your bankruptcy papers with the court. Filing fees usually cost around three hundred dollars. If you have retained an attorney, the cost of the filing fees is probably figured into the attorney fees. Your attorney will let you know if this is not the case; be sure to ask to confirm that this is so.
Once the papers have been filed, the court can schedule a bankruptcy hearing or required you to attend the meeting of creditors. During the hearing, you will be called to appear in bankruptcy court with many other people in the same financial positions you are.
When your name is called you and your attorney will appear before the judge. At this time, the judge may ask you some questions to determine if the bankruptcy request is valid. If you have an attorney, let your attorney answer these questions.
If you do not have an attorney, you should keep your answers brief and factual. After answering the questions, the judge will determine whether or not to approve your bankruptcy.
Your court hearing may last quite a while. This is because you will need to wait until you are called in front of the judge. After your petition is heard, you will be able to leave the court.
If the judge approved your request, you are finished with the process. Then, all you need to do is wait until your debts are discharged.
How hard is it to declare bankruptcy? The answer is a firm “it depends”. It can be a very difficult and complex process if you decide to do it by yourself. If you decide to hire an attorney, the process can be relatively easy.
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