It's becoming inevitable that many Americans are going to end up filing bankruptcy in the next few years. Even if an individual feels the bankruptcy is going to pass over their household, it's a good idea to be prepared. Recently, even the mainstream media is picking up on the debt crisis that's happening in Europe. The euro is on the verge of collapse and could possibly drag the dollar down with it. If this happens it will wipe out the retirement and savings accounts of Americans nationwide. Not a soul will be immune from the wrath of a financial collapse. Considering this, everyone should have some basic knowledge about filing bankruptcy even if it's for the just in case type situation. The knowledge that most Americans have about bankruptcy filing more falls under the myth category and not the truth category. Educating yourself on Chapter 7 and Chapter 13 bankruptcy might be invaluable someday. Hopefully, you won't have to use it, but it might help with a friend or relative.
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When it comes to filing bankruptcy, most people almost wait until it's too late. There are many that call a bankruptcy attorney the morning of their foreclosure sale of their home and ask if they can stop the foreclosure by filing for bankruptcy. In many cases, it's just too late and the house will be sold. Financial trouble just doesn't happen overnight, it is a situation that usually takes years to mature. Many people wait to file for bankruptcy, while continuing to make minimum payments on their credit card accounts that basically is throwing money down the drain. All that money paid on payments could have gone to rebuilding their new financial life after filing for bankruptcy. It's important to go get a free consultation from a bankruptcy attorney when things get tight. This will help an individual have an idea of when it's time to pull the trigger and hire a bankruptcy lawyer.
After hiring a bankruptcy lawyer, the next step will be providing information to the attorney to prepare the bankruptcy petition. When filing Chapter 7 bankruptcy, the bankruptcy petition basically consists of schedules and the statement of financial affairs. The debtor will also have to include the means test and the statement of intentions. Basically, these forms will provide the bankruptcy trustee with all the debtor's information about their assets and debts. Don't worry though, the bankruptcy attorney will prepare the petition for you. Today, many bankruptcy attorneys have online software that allows their client to enter all the information online through a web portal. This keeps the debtor from having to bring a stack of bills into the bankruptcy attorney and plop it down on their desk. After the information has been given to the bankruptcy attorney, the attorney will complete a draft of the bankruptcy petition for their client to review. This is the time the individual filing for bankruptcy should make sure that all their creditors and financial information is included in the draft. If there are any discrepancies, this would be the time to ask questions and discuss it with a bankruptcy attorney. Usually, the bankruptcy attorney will also go over any concerns about bankruptcy exemptions protecting the client's property. Sometimes it will take a couple times of revisions to finish the bankruptcy petition. Once the client gives the okay, the bankruptcy attorney will file the bankruptcy petition with the court. If there's something forgotten or missing, no need to fret the bankruptcy attorney can amend the petition all the way up to a few weeks before the bankruptcy discharge.
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