If you are truly unable to pay the large amount of debt that you have amassed, you may have to declare personal bankruptcy. Keep in mind that claiming bankruptcy is a serious thing and it should be taken seriously. Bankruptcy is also not something that will help repeat offenders. For example, even if you get into deep financial trouble after going bankrupt, you will not be able to file another bankruptcy petition for about 7 years.
This is why it is so important to take advantage of your “fresh start”! When you decide to file for bankruptcy, you will be asked to attend a counseling course. Take notes and learn as much as you can from this course. Although some people may have had no control over the events that lead them into a deep amount of debt, other people simply may have over-spent on their credit cards. These people can really benefit from credit counseling.
There is a lot to think of when you are filing for bankruptcy. For this reason, you should probably think seriously about asking a bankruptcy lawyer to handle your filing. A lawyer can make sure that everything is in order and can assure that your bankruptcy petition is accepted by the court. Keep in mind that an attorney will ask you to prove that you have attended a credit counseling course in order to proceed with your bankruptcy petition. This is why it is important to keep your certificate of completion that you get from your course.
By law, you must attend this course up to 6 months prior to your filing. Keep this in mind when you file as if you wait too long, you may have to re-take the course.
Once your bankruptcy case has been filed, you will have to pay a filing fee of $300 whether or not you have an attorney, or if you are representing yourself. If the court accepts your petition, they will forgive your debts, and you can begin your new financial life.
- Avoiding Bankruptcy in Your Life (debt-consolidation-2u.com)
- A Sacramento Bankruptcy Lawyer Will Lay Out Your Options (debt-consolidation-2u.com)