process for filing bankruptcy

Download Process for filing Bankruptcy

Post on 14-Jul-2015



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Chapter 11 Bankruptcy

Process for filing bankruptcyTel: 212-571-1898,718-509-6542914-380-4209,

Disclaimer: The contents of this page are general in nature. Please use your discretion while following them. The author does not guarantee legal validity of the tips contained herein. Process for filing BankruptcyWhat is Bankruptcy?

Bankruptcy is the legal procedure that a person undergoes when he is unable to pay back his debts. It is a legal process that establishes that a person is no longer able to pay back his debts as promised.

The result is that once the bankruptcy is discharged his creditors loose legal rights to try and recover the money or file a lawsuit in court regarding their claim. So, Bankruptcy is the best option to eventually help you get back on your feet.

Filing bankruptcy starts with gathering informationFirst of all you should document all of your income for the past several months. This would include any tax refunds, dividends, paychecks, gifts, annuities, and interest.

This is meant to help calculate the reasons why you are filing bankruptcy. Your amount of income will help to determine what chapter of bankruptcy that you can file for.

Gather a list of your possessions and assetsThis will include any mortgages, cars, jewelry, valuable household goods, clothing, stocks or bonds, bank accounts, checking, savings, cash, CDs, retirement accounts, and anything else that might have value.

This helps the state determine what can be saved and sold at auctions to help pay off your debt.Get a list of your debts

Debts include credit cards, loans, settlements, house payments, etc.

After collecting all the above information you are ready to file a petition.Hire an experienced Bankruptcy lawyerBankruptcy law is very complex to understand. But with the right kind of attorneys to represent you in court, it will not be tough or stressful.

If you directly handle the case without having any legal knowledge, you could lose the assets you are trying to protect. So, it is always good to hire an experienced Bankruptcy lawyer for the successful completion of the job.Contact us:John M. Crane, P.C.Bankruptcy attorney, White Plains, ManhattanTel: 212-571-1898,718-509-6542914-380-4209,