If you are considering filing for bankruptcy there are some actions you can take in order to make the process as easy and stress-free as is possible. The first course of action is to carefully consider all of your debts, bills and income levels to figure out if bankruptcy is the most sensible option. You may wish to seek the advice of a lawyer to ensure that bankruptcy is indeed the best choice for your situation.
What Kind of Bankruptcy?
Once you have determined that you have to file for bankruptcy, the next step is to figure out exactly how you got in this situation, so that you can avoid a similar fate in the future. Bankruptcy can be contributed to poor spending practices, but it can also be accidental, such as if a major accident wiped out your funds. Next you should determine what type of bankruptcy you should file. Should you file for Chapter 13, Chapter 11 or Chapter 7? This choice will be determined by whether or not you have full time employment, how much you owe to your debtors and whether or not you have tangible assets that you could sell to repay your debts. A Hawaii bankruptcy attorney can help you figure out which type of filing will be the best option.
Filing for Bankruptcy
Now that you know what course of action will allow you to get back on your financial feet faster, you can begin the process of filing for bankruptcy. A court appointed trustee will help organize and determine your income and will recommend a payment plan that will satisfy your creditors. In many cases it will be possible to keep your home and important assets such as your car. The process can be rather daunting and filing the correct paperwork is essential to avoid costly delays. If you are considering bankruptcy there are many Hawaii bankruptcy lawyers ready to help. These lawyers can be found at: 1330 AlaMoana Boulevard #202, Honolulu, HI 96814 or by calling (808) 554-0104.
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