If you have a lawyer on your side, he or she will go through all of the necessary paperwork with you. A lawyer will take the greatest burden off your shoulders so you can focus on getting your life back together. Your lawyer can assist in making wise decisions regarding your finances and assets as well as file paperwork and documents on time to ensure you are moving in the right direction. Your lawyer can also determine the best options of getting your finances back in order so you can begin to feel secure.
How Do I File for Bankruptcy?
Learning the facts of bankruptcy may have given you the encouragement you needed to move forward with purging your debts. So what comes next?
1. Hire a Bankruptcy Lawyer
Don’t procrastinate; find a good bankruptcy law firm in Memphis, TN. It’s easy to learn about the process online, but each state has its own laws. Retaining a knowledgeable professional is the smart decision because mishandling your debts is sure to mean more trouble down the line.
2. Attend a Bankruptcy Counseling Session
Federal mandates require you (and your spouse, if you’re married) to complete a credit counseling course within six months of filing your bankruptcy petition. The U.S. Department of Justice website can help you find debt counselors in your area approved by the U.S. Trustee Program.
3. Complete and File the Petition Paperwork
Your attorney will help you gather documentation of your income, assets, debts and expenses for the petition paperwork. Expect to pay court case and administration fees when you file the petition. Once the bankruptcy filing is on your record, however, all attempts to collect on your debts — including repossession and foreclosure — must stop according to law.
4. Meet With Your Trustee and Creditors
The court will then appoint a trustee to manage your case. To confirm your eligibility for bankruptcy, you will have to meet and answer questions under oath from your trustee and your creditors. An attorney from your bankruptcy law firm in Memphis, TN, will attend the meeting with you and help you prepare.
5. Create a Repayment or Liquidation Plan
If the court determines that you qualify for bankruptcy protection, the type of filing you made determines what happens next. Under Chapter 13, you will create a plan to repay your debts within three to five years. If you file for Chapter 7, your trustee will sell off any nonexempt assets to satisfy your creditors.
6. Complete a Debtor Education Course
Finally, the U.S. Bankruptcy Code requires you to finish a personal financial management program. In exchange for federal protection from creditors, you agree to learn to be more responsible with your money. Once you complete the course, the court will discharge your debt. The bankruptcy filing will impact your credit record, but no creditor can attempt to collect a discharged debt again.
Your current financial situation will determine how complicated your bankruptcy proceeding will be. However, having a qualified bankruptcy law firm in Memphis, TN, by your side can make the process much more manageable. Reach out today.
Contact a Lawyer Right Away
You need to make sure to have an experienced lawyer on your side throughout the entire process of filing for bankruptcy. This is why you absolutely need to reach out to a bankruptcy law firm in Tennessee as soon as you begin having financial trouble. The lawyers at Darrell Castle and Associates, PLLC will be happy to speak with you and go over all of the different options you have. We will also make sure you get everything filed as quickly as possible so that you can begin to build your credit and move on with your life. Reach out today to set up a consultation. Waiting can hurt you more than help and by taking action right away, you can begin to fix your financial issues.