If you are someone desperately searching for information related to declare bankruptcy, then this article has all the details on the procedure that will be useful to you. Bankruptcy filing process, all said and done is a fairly complex process and needs you to do some research. Since there is a whole lot of paperwork involved, it is always recommended that you do your homework well. There are scores of sites on the topic which you can refer in order to get acquainted with the intricacies of the filing process.
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The first thing that you need to do as soon as you decide to declare bankruptcy is to collect all the necessary financial information. The top priority on this list will be your debts. You should list them out in a proper manner, separating the secured and unsecured debts. It is always preferable that you go through your credit report. Going through it will help you get a detailed understanding about your current financial position. This apart, you will also need loan documents that you may have and documents related to your tax returns in recent times, when you file for bankruptcy.
Once you have decided to declare bankruptcy it is always preferable that you seek professional help in the form of an experienced bankruptcy attorney. Bankruptcy laws often differ from one city to another and it is therefore in your best interests if you hire a local lawyer. Make sure though that you hire the services of an experienced lawyer who is well versed with the local bankruptcy laws. Just in case you feel that you do need the services of a lawyer, you can always file for bankruptcy on your own too.
When you have made sure that all the documentation to declare bankruptcy is ready, you can then file the petition with the local bankruptcy court. The court will go through the documents submitted by you and will issue an automatic stay. This is to ensure that creditors do not take any claim to your property. The court through this procedure also ensures that none of the creditors get in touch with you directly.
Generally around a month or so after you declare bankruptcy and the issuance of the automatic stay, the court will call for a meeting of all your creditors. Any objections that are raised by the creditors are recorded in this meeting. With all these steps involved in the process, it is always preferable that you do thorough research before you file for bankruptcy.
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