As soon as you determine to file for bankruptcy, you must gather all relevant financial information. Your debts will take precedence atop this list. You should enumerate them properly, distinguishing between secured and unsecured debts. It is always recommended to review your credit report. It will help you gain a comprehensive understanding of your current financial situation. Aside from this, when you file for bankruptcy, you will also need loan documents and documents pertaining to your recent tax returns.
Once you have made the decision to declare bankruptcy, it is always advisable to obtain the assistance of an experienced bankruptcy attorney. It is in your best interest to retain a local bankruptcy attorney, as bankruptcy laws vary significantly from city to city. However, you must retain the services of an experienced attorney who is familiar with the local bankruptcy laws. You can petition for bankruptcy on your own if you do not believe that you require the services of an attorney.
After ensuring that you have all the necessary paperwork to declare bankruptcy, you can file the petition with the local bankruptcy court. The court will review your submitted documents before issuing an automatic stay. This is done to prevent creditors from claiming your property. Through this procedure, the court also ensures that none of your creditors contact you directly.
Approximately one month after you file for bankruptcy and the automatic stay is issued, the court will convene a meeting of all your creditors. Objections raised by creditors are documented during this meeting. Before filing for bankruptcy, it is always best to conduct extensive research due to the numerous steps involved in the procedure.
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