Filing for Chapter 7 Bankruptcy is a big step. People who are looking to regain control of their financial lives can follow a few tips to get them prepared to file. If a person is interested in finding out if they should life Chapter 7, they should start getting paperwork together that they will need to bring to their bankruptcy attorney. Bills such as utility bills, credit card statements, outstanding loan statements, mortgage statements and auto mobile loan statements should be gathered. All outstanding debt needs to be reported when bankruptcy petitions are filed. Nothing should be left out. A typical monthly budget will also have to be created and shared showing how a person spends their income. It is best to bring more information to an experience bankruptcy law firm, such as Jankins Law Firm as opposed to not bringing enough information.
After necessary documents are provided to the bankruptcy lawyer, they can begin to create a bankruptcy petition. The sooner they can do this, the better. Therefore, it is important to get documents to the attorney as quickly as possible. Communication should take place on a regular basis so both parties know what is needed during the bankruptcy filing process. After documents are filed, creditors listed will not be able to contact the client regarding the money that is owed to them. This can be a relief for people who are receiving multiple telephone calls a day at their homes or workplaces. Approximately a month after the position is filed, the client will need to attend a meeting with a U.S. Trustee. The meeting normally doesn’t last long and may be the only time the client is required to appear. Sixty days or so later, a Discharge Order will be received showing debts that have been discharged, meaning that the client is no longer responsible for paying them.
The most important thing to do when preparing to file for Chapter 7 Bankruptcy is to make time available to gather documents that will be necessary to give to an attorney. Having all the documents available before they are needed can get the process started quickly. Communication with the bankruptcy attorney is also important. Preparing for meetings by writing down questions or topics of concern can keep costs down.
