The process for filing for bankruptcy protection in Frederick can be very time consuming and complex for many people. This is why hiring a bankruptcy attorney to handle these detailed steps and processes on your behalf in front of the United States Federal Court is very important to make sure your case is handled professionally and you don’t waste time or money on small mistakes.
To give you a better understanding of how the process works, here are the main steps needed to file bankruptcy in Frederick.
Understanding your Bankruptcy Filing Status
The first thing which needs to be done for any individual or business preparing to file for bankruptcy protection is to gather all personal and business finances. This includes, but is not limited to, all secured and non-secured debt, IRS Federal and State tax returns for the past two years, titles or deeds to any property owned such as homes and automobiles and any loan documents you might possess. The best way to begin this process is to order a copy of your consumer credit report through all major credit agencies.
Begin Credit Counseling
After you’ve retained the services of a Bankruptcy in Frederick to help organize your case, you will need to take a credit counseling course mandated and overseen by an approved credit counseling institution. This program is supervised by the US Federal Government Court to make sure that you have looked into every possible way to repay debt and also to ensure the same mistakes are not made again.
Select the proper filing option
In the United States, the two primary ways to file bankruptcy is Chapter 13 and Chapter 7 protection. Chapter 13 permits people who file to repay a percentage of their debt under a 3-5 year repayment program. Chapter 7 filing involves the liquidation of your assets, requires each filer to take and pass a means test to confirm eligibility and will remove 100% of your unsecured debt. However, the drawback to Chapter 7 is that it is much harder to qualify for this type of filing due to recent changes in bankruptcy law in 2010. The bankruptcy attorney in Frederick you hire will help you to determine which filing is best for your individual needs.
Filing Your Case in Federal Court
After you and your bankruptcy attorney have gathered the documents and supporting files you will need to determine what type of filing you will submit in Federal Court, you’ll then have to begin the actual filing process. This is where having a professional bankruptcy attorney makes all the difference. Each state has different procedures that are highly critical to follow to expedite each bankruptcy case. There are also many individual forms that your attorney needs to fill out and record them with the US Magistrate. There are also certain procedures after the filing which needs to be adhered to for your case to be completely processed.
The process of filing for bankruptcy includes several other important steps and timelines which need to be followed strictly. These are best handled by hiring a good bankruptcy attorney in Frederick who can guide you through this process smoothly and affordably.
Filing for bankruptcy is a not a quick, overnight process. A professional bankruptcy lawyer can help you with the bankruptcy Frederick filing process from start to finish. The team at is able to answer any questions you have and get you back on the road to personal economic recovery.