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The Bankruptcy Process

How does bankruptcy work?

Before you take any action on filing for bankruptcy, it is important to understand what you can expect and what you will have to do to successfully discharge your debt. The process of declaring bankruptcy can be very challenging, but by working with an qualified lawyer you can avoid problems such as a denial, delays and the potential legal problems. There are many common mistakes that your attorney can help you avoid so that you are not disqualified from filing or lose assets that you could have retained if the firm was managing the process. The first step in the bankruptcy process should be consulting with an attorney about your situation to see if this is the best course of action for you, or if you should seek an alternative strategy.

If you proceed with bankruptcy, you will need to gather a large number of financial documents and make careful calculations of your income and your financial liabilities to see if you can pass the means test and qualify for Chapter 7. Whether you are filing Chapter 7 or Chapter 13, as soon as you file your petition to declare bankruptcy, you will be protected from creditor abuse and wage garnishment through an automatic stay. Your creditors and any debt collection agencies will be legally forbidden from contacting you. This can buy the time to initiate a foreclosure defense for those in trouble with their mortgages .

Help in Filing for Bankruptcy

An attorney from Price Law Group will represent you during your meeting of creditors, where the bankruptcy trustee will need to interview you about the case and your creditors will have a chance to ask questions about the situation. Creditors will be allowed to file objections to your bankruptcy, and it is important to be prepared to resolve any opposition you may face. A Chapter 7 filing normally takes about 6 months, while Chapter 13 bankruptcy entails a 3 to 5 year period of paying down your debts. At the end of this process, you will be free of most of your debts and ready for a fresh start and can begin the process of credit repair.

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