Getting To Know Bankruptcy

Each year millions of people experience overwhelming debt. Financial hardship can strike at anytime, leaving a bad debt situation worse. For many people, harassing debt collections and the fear of losing assets may be a further risk.

One option for securing debt relief is through bankruptcy. Although the path to debt relief through bankruptcy is a well known path, many people are not aware of how the process works.

You will need to determine if you have the means to pay back your creditors. If you do not have enough money to pay back your creditors in full, you may need to file for bankruptcy. You will have to decide if you want to file for Chapter 7 or Chapter 13 bankruptcy. If you decide on Chapter 7 bankruptcy, you will need to file the appropriate documents. You will have to attend a credit counseling session.

If you are filing for Chapter 13 bankruptcy, you will need to file a bankruptcy petition and a repayment plan. The court will hold a meeting of creditors to decide if your case is eligible for bankruptcy. You will need to follow all the requirements for the bankruptcy proceeding. You will need to attend a meeting of creditors. The bankruptcy court will hold a hearing to determine your eligibility for bankruptcy. If the bankruptcy court approves your bankruptcy, you will be protected from creditors. If your bankruptcy is denied, you will need to repay your creditors. If your bankruptcy is approved, you will have to repay your creditors in accordance with your court ordered repayment plan.

If you are considering bankruptcy, you should educate yourself as much as possible about the process and seek the guidance of an experienced Citrus Heights bankruptcy attorney.