Bankruptcy is obviously a frightening word that can send chills down your spine. With today's economy where almost everyone is compelled to live on their credit cards, having an acute financial condition is very common. So, if you are one of those hundreds of people who are thinking to file bankruptcy, the following 7 steps can prove to be a good guide for you in the process:
Get yourself informed about the process
Of course you are not a lawyer that you can be aware of every tidbit of the process. But before filing for bankruptcy you should at least know what is going to be next in the process. A bit of know-how of this process can also help you decide wisely for your assets and future.
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Explore alternative options
"There always is an alternative" is a popular old saying, so before filing bankruptcy it is better to weigh all your options and see if there actually is an alternative or not. You can even consult an attorney and talk to him about your options. There are a few bankruptcy attorneys in Arizona that provide free consultation but even if you have to pay for it, I guess it would be worth it.
Prepare a List of Debts That You Owe To Different Creditors
For smooth proceedings it is recommended to list all your debts. Leaving any thing out can put you in a real trouble in the process. So before you file for bankruptcy take some time and put everything you have to pay for on a paper.
Obtain Your Credit Report and Review the Details Provided In It
Your credit report is the best way to find your debts. Thus, to get a better insight of what and how much debt you owe to different creditors seek your credit report from major credit bureaus and do a thorough analysis of the data it holds.
Gather Important Documents Necessary in the Process
Now when you are done with "exploring alternative options" and "listing your debts", its time to roll up your sleeves and assemble all necessary documents. These documents will be required in the process and during the legal consultancy. The file of these necessary documents should contain:
1. Identity Proofs: Income Tax PAN Card, Social Security card, driving license, etc
2. Legal Papers/ Court Notices (if any): Divorce Decrees, Child Support orders, alimony orders, judgments, current lawsuits, etc
3. Salary slips and all recent paid and due bills.
4. Bank Statements
5. Tax Return form
6. Retirement account's statement.
Choose a Reputable and Experienced Attorney to Discuss Your Case
Your attorney is your official representation. So it is better to choose a reputable and experienced attorney with an impressive success record to deal with the complex legal procedure for you.
Take Immediate Action If Bankruptcy Is the Right Choice for You
Now when you are confident that bankruptcy is the only option for you after consulting an experienced attorney in league, it makes very little sense to keep dragging your heels and keep struggling with the debts that you would not be able to pay any sooner. Thus, with the help of your attorney start the procedure right away!
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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