Many people that are getting overwhelmed by their debt burden find the process of filing for bankruptcy an easy way to get a financial fresh start. However, before you make the final decision and file for bankruptcy, there are several things that you ought to think about:
- Whether you qualify for bankruptcy
- Whether you know the procedure that should be followed for a successful filing
- The legal and other consequences that come with filing for bankruptcy
These are questions that can only be answered by a competent bankruptcy lawyer in your state. Here are a few of the things you should know about the process.
Finding out if you qualify
While the government has made provision to protect people that owe money from getting all their precious property auctioned off by debtors, it is also very conscious about the people that try to use this provision to commit fraud. There are therefore very stringent qualifications that you have to meet to be allowed to file. Here are a few:
- Your income level must be equal to or less than the medium income of your state. In case you are earning more, you may not be able to file.
- You must show that you are unable to pay even a quarter of the debt in a period of 60 months.
- You must be willing to declare all your wealth and give out a list of all the people you owe money, and the amount that you owe them.
Following the right filing procedures
Many people fail in their attempts to file for bankruptcy because they make mistakes that could be avoided during the process of filing. Some of the things that you should avoid doing are: hiding some of your assets from the government, giving inconsistent information about your debt, failing to show up for hearings, and trying to file for another bankruptcy, 18 months before a previous attempt.
These are a few aspects of the process of filing for bankruptcy. To have an easy time, you will need guidance from an experienced bankruptcy lawyer. Rapa Law Office P.C. is one of the places that you can go to for advice regarding bankruptcy. Go to http://Rapalegal.com for details on the services they offer.
