If you have been overwhelmed by debt, it is possible to use the law to get some form of debt relief. Filing for bankruptcy is the easiest way to get some form of debt relief. However, in to be successful with the process, you need to hire a Bankruptcy Lawyer Tipp City OH. Here are a few things that you need to know about the process.
These are the steps that you will follow when filing for bankruptcy:
- Make sure that you get the services of a credit counselor, not more than six months before the date that you have set to file for bankruptcy. For your application to be valid, you will have to show that you have participated in credit counseling.
- Submit a petition that includes a statement of your income and your expenditure. You should also include the most recent tax return and make sure that you receive a bankruptcy case number. You will also be required to hand in all the non-exempt property that can be sold off to pay debts to the court. The court will appoint a bankruptcy trustee to sell off your assets and distribute the proceeds to your debtors.
- The court will put an automatic stay on the exempt assets. This will prevent the creditors from making further attempts at collecting from you or even suing you in a court of law.
- The next step will be to attend a 341 meeting. This is a meeting that is between you and the creditors in which they are enlightened about your financial situation in a sober manner.
- The court will take time and decide whether you are eligible to file for bankruptcy or not. In case you have an outstanding secured loan, you may have to give up your house or car to settle the debt.
- You will have to attend a financial management class and show a certificate of participation before the court can decide to grant your discharge.
A competent Bankruptcy Lawyer Tipp City OH from Shipman Dixon & Livingston Co. L.P.A. will help you with the process of filing bankruptcy. They will also help you avoid the pitfalls that make people get their petitions rejected and miss out on financial protection. Visit website for more information.
