In today’s world, a good number of people are finding themselves immersed in financial woes. This is especially the case with people who cannot live within their means and end up taking loans or misusing their credits. In the long run it becomes very difficult to keep your finances in check and you could end up with more than one creditor which is very risky.
The most probable thing to happen in such a situation is to have your creditors file a petition against you or you can choose to declare yourself bankrupt when you are absolutely sure that you cannot keep up with your debts and need the intervention of the court. Although the process of filing for bankruptcy could prove to be a bit tedious, it is a good way of shielding yourself from creditors who could end up harassing you over the debts.
Most people choose to personally file for bankruptcy instead of waiting till the creditors do it on their behalf. The first step for filing for bankruptcy is to find an attorney who is reputable to help you get through with the process getting the fairest judgment. You can easily find a good attorney through the internet or gather all the information you may require from friends and family who know good bankruptcy attorneys.
Once you settle on an attorney whom you think is worthy and experienced enough to get you through with your case, you are supposed to get all your financial reports and papers in order. The papers should include bank statements, bills and paychecks among other important financial documents. The attorney then analyzes the reports and chooses the right path for you before representing your case in a court of law.
In the same manner, you are supposed to come up with a list of all your liabilities and assets with the supervision of your attorney. The list is then presented in court together with the rest of your paperwork to help the court determine your case. You are supposed to be very honest in your reports; otherwise you could end up in jail for lying under oath. Your attorney should be aware of your every financial detail to help him or her plead your case, thereby getting you better terms.
After the court’s analysis, the final decision will be reached which could involve the selling of your assets to offset your debts or a repayment plan making it easy for you to settle your debts over a certain period of time.
